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ONE GIFT, A LIFETIME INVESTMENT


MEET YOUR PERSONAL FINANCIAL GOALS WHILE MAKING A DIFFERENCE FOR KU'S FUTURE.


THURSDAY DECEMBER 2, 2021


SAVVY LIVING




WHY YOU SHOULD CREATE A "MY SOCIAL SECURITY ACCOUNT"

I am 58 years old and working on a plan for my retirement. I have read that I
need to check my Social Security statement every year to validate its accuracy.
How do I go about doing this?

Checking your official Social Security statement every year is a smart move to
make sure your posted earnings are correct and ensure you get the benefits you
are entitled to. Many Americans do not take this precaution. In fact, most U.S.
workers have never created a digital "my Social Security account" to access
their statement information. Here is what you should know.




ONLINE STATEMENTS


In 2017, as a cost cutting measure, the Social Security Administration stopped
mailing paper Social Security statements to everyone under age 60.

The only people who still get statements in the mail are those over age 60 who
are not yet getting benefits and who have not set up an online account. Paper
statements, however, are still available upon request to anyone who submits Form
SSA-7004.

If you have not done so, you should create a "my Social Security account." This
account will give you instant access to your personal Social Security
statements. You can check your earning record and get estimates of your future
retirement benefits at full retirement age, as well as at age 62 and age 70.
Your statements will also let you know how much you would qualify for if you
become disabled and how much your family members could receive in survivors
benefits when you die.




HOW TO CREATE AN ACCOUNT


To create a "my Social Security account," go to SSA.gov/myaccount. You will be
asked to enter your Social Security number and birth date. You will also be
prompted to answer a series of multiple-choice questions that might include
inquiries about financial products you own and previous addresses to confirm
your identity. Then you will receive a code either by email or text, which you
will enter online to complete the process.

If you have a problem creating an online account, call 800-772-1213. After you
establish an account, you will get an annual email reminder to log on and review
your statement.

If you have a security freeze on your credit report to help ward off fraud, you
must lift it temporarily to set up your online Social Security account.
Specifically, you will need to thaw the freeze at Equifax, the company the
Social Security Administration currently uses to help verify users' identities.

Creating an online account is also a good idea to prevent someone else from
fraudulently creating one first and using it to steal benefit payments in the
future. Given the number of security breaches in recent years, it is possible
someone may be able to illegally obtain your sensitive personal information,
like your Social Security number, and use it to set up an account in your name.

Once you get access to your statement, compare the earnings listed on your
statement with your own tax records or W-2 statements. You must correct errors
within 3 years, 3 months and 15 days following the year of the mistake. If you
happen to spot a discrepancy within that timeframe, call 800-772-1213 to report
the error. Some corrections can be made over the phone. You may need to schedule
an appointment and visit your local branch with copies of your W-2 forms or tax
returns to prove the mistake, or you can mail it in.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today
Show and author of "The Savvy Living" book. Any links in this article are
offered as a service and there is no endorsement of any product. These articles
are offered as a helpful and informative service to our friends and may not
always reflect this organization's official position on some topics. Jim invites
you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK
73070.

Published July 23, 2021




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CONTACT


ANDY MORRISON

Vice President, Gift Planning Phone: (785) 832-7327
Fax: (785) 832-7493
P.O. Box 928
Lawrence, KS 66044-0928
amorrison@kuendowment.org



KRISTIN SHORE

Associate Development Director, Gift Planning Phone: (785) 832-7341
Fax: (785) 832-7493
P.O. Box 928
Lawrence, KS 66044-0928
kshore@kuendowment.org



MALCOLM JACKSON

Associate Development Director, Gift Planning Phone: (785) 832-7383
Fax: (785) 832-7493
P.O. Box 928
Lawrence, KS 66044-0928
mjackson@kuendowment.org


© Copyright 2021 Crescendo Interactive, Inc. All Rights Reserved.

PRIVACY STATEMENT

This site is informational and educational in nature. It is not offering
professional tax, legal, or accounting advice. For specific advice about the
effect of any planning concept on your tax or financial situation or with your
estate, please consult a qualified professional advisor.

OUR MISSION is to partner with donors in providing philanthropic support to
build a greater University of Kansas.

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