Don't forget to check in on Social Security at any age
Bottom Line: In recent years Social Security stopped sending out paper statements annually. That shouldn't mean that you don't check in on your account/status at least annually - at any age. I was reminded via email by the Social Security administration recently myself. If you haven't already done so - it's worth your while to login to your account with the Social Security Administration online. Though it might seem counter-intuitive it's actually more important to check in on it if you're not near retirement age than if you already are nearing retirement. Why?
The latest Social Security Administration Trustee report demonstrated that Social Security will begin to run an imbalance starting in 2022 with the projected insolvency date of 2034. So, what's the point of checking in on something that has an uncertain future? For that very reason. We don't know exactly what the future holds for Social Security and they're upfront about that prospect when you login to your account. You can view your projected benefits based on your income/contributions and retirement age (age you start collecting). It's becoming more important than in time previous to become informed of what you can expect by retirement age so you can work to create streams of income to support the rest of what you'll need excluding Social Security. If you don't even have an idea of what that looks like you're flying blind and hoping it all works out. Hope isn't a recipe for success. Additionally, you'll see info like disability benefits should that become relevant to you along with survivor benefits for family. Most of all though it's important to know where you stand and what you’re entitled to based on your work history.
Social Security has been a slow ticking time bomb. That's because the entire program is legalized fraud. If Social Security were a business, it would be called a Ponzi scheme. Because it's the federal government running it they still pretend it's a "trust fund". Knowing what you're entitled to will become increasingly important in future years as the looming insolvency starts to become a reality. If within five years we're running deficits in the program, everyone stands to lose considerably in the future. Being educated and able to politically engage this topic could make the difference one day. I doubt most people would be agreeable to having thousands of dollars stolen from them per month. That's what's on the line here.
As for security? The website is super secure. The biggest mistake people make regarding accessing Social Security online, is an assumption that by doing so they're making their information available online. That's not the case at all. It's already online. Whether you choose to access your account or not - that's where it lives. As for the actual accessing there are now enhanced security features. In addition to a username and password there's also the prompting for an additional code that they'll send you via text message or email that you must enter to be able to access your account. So, go ahead and do it. For responsible financial planning and for the coming political decision making that's going to have your future benefits caught in the cross hairs.