...
By Suzanne Blake
Reporter
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
Millions of Social Security recipients have been affected as the Social Security Administration says it is moving away from one login portal to another.
Beneficiaries who had an online account under my Social Security registered before September 18, 2021, must transition to a Login.gov account to maintain access to their online account.
"my Social Security is a safe and secure way for people to do business with us," Social Security Commissioner Martin O'Malley said in a news release. "We're excited to transition to Login.gov to access our online services, streamlining the process and ease of use for the public across agencies."
Read More on U.S.
More From Newsweek Vault: How Much Do I Need to Save for Retirement?
CBS News business analyst Jill Schlesinger said the latest change is "terribly important" for the millions who haven't yet updated their online accounts.
...
"The portal for Social Security is changing," Schlesinger said on CBS Mornings Thursday. "If you're receiving Social Security benefits, this is not going to change your checks. It doesn't mean that."
More From Newsweek Vault: Rates Are Still High for These High-Yield Savings Accounts
Schlesinger said those with accounts at my Social Security will have to go in and start over at ssa.gov/myaccount.
Under Login.gov, Schlesinger said you can log into all government websites, including the IRS and the Small Business Administration. But there are also "great tools" hidden in the website.
"You can estimate how much money you're going to get in Social Security," Schlesinger said. "You can look at the different choices, and it's important that you do this because we want everybody to make this decision with a lot of information at hand."
As long as you've worked for 10 years, you can claim Social Security benefits as early as age 62. However, claiming at this age can permanently reduce your benefits by around 25 percent.
Age 67 is the current full retirement age, but waiting until age 70 means you will maximize your benefit amount monthly. That can mean up to 8 percent extra per year.
Americans use a my Social Security account for many reasons beyond just collecting benefits. Users also can request a replacement Social Security card, manage benefits and look at your Social Security statement.
The Login.gov website is for Americans accessing an array of government accounts. It also requires an extra two-step authentication, preventing others from gaining access to your account.
"This has been a change needed for quite some time for all Social Security recipients and will hopefully simplify the process of so many tasks associated with receiving and maintaining benefits," Alex Beene, financial literacy instructor at the University of Tennessee at Martin, told Newsweek.
"For many years, how to access and review Social Security information has been an enigma to a good portion of recipients. If they fail to receive their monthly payment, lose a card, or have any other problems, they can have a hard time figuring out where to turn. The simplified online system should be a turning point in how seniors interact with their accounts."
To make the change to a Login.gov account, you'll have to enter your existing credentials and then confirm the transition has been made.
According to the federal government, the switch is being made to "simplify the sign-in experience and align with federal authentication standards while providing safe and secure access to online services."
Already, more than 5 million account holders have made the change, the SSA said.
"As of June 2024 there were approximately 46 million users out of 86 million total users that will need to transition to a Login.gov account," an SSA spokesperson previously told Newsweek. "We are currently in the beginning stages of this transition process and our current goal is to notify the public about these upcoming changes, as such we have not set a final deadline for these remaining accounts to transition to Login.gov."
Update 7/19/24, 2:18 p.m. ET: This story was updated with comment from Alex Beene.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines