The administration is asking for help encouraging Americans to sign-up for their own my Social Security account. It is offering posters, publications, social media content and other tools to use for promotion.
In a recent report, Mercer and the Stanford Center on Longevity suggest retirement plan participants make a variety of common and costly mistakes when it comes to optimizing their retirement readiness. One of the most widespread is not knowing how to most effectively time the start of Social Security payments (see “Can Social Security Be a Silver Bullet?”).
As the research explains, total retirement income can be amped up with the right Social Security planning. Another recent research report from financial advice provider Financial Engines suggests employers are increasingly interested in teaching employees about this fact. Additionally, a survey by the Nationwide Financial Retirement Institute found many retirees regret their decision to take Social Security benefits early.
The Social Security Administration says a personal online my Social Security account is a valuable source of information beginning in employees’ working years and continuing throughout the time they receive Social Security benefits. Through the account, individuals can get their benefit verification letter and check their benefit information and earnings record, among other things.
More information about “National my Social Security Week” is here.