Getting Organized: Benefits of Setting Up Online Accounts

A couple looks at their laptop, that has their online bank account set up on it.

17 Jan Getting Organized: Benefits of Setting Up Online Accounts

Posted at 08:00h in Disability Insurance, Estate Planning, Finances, Medicare by Triage Cancer

The new year is here and it’s the perfect time to get organized. Triage Cancer offers a useful Checklist to Getting Organized, to help you keep track of important documents. One other thing to think about is setting up access to some of your key accounts, online.

This blog will cover some benefits to using online accounts, specifically for your IRS account, Social Security benefits, and bank accounts. It will also explain how to sign up for these accounts.

IRS Account

If you earn enough money each year to have to pay income taxes, then it is a good idea for you to set up an account with the Internal Revenue Service (IRS).

Through an IRS online account, you can easily access and track your tax information, such as the amount of your refund or the taxes that you owe, your payment history, and tax records, at any time.

If you aren’t able to pay the full amount of the taxes that you owe, you can set up a payment plan to pay online.

If you find dealing with taxes complicated or overwhelming, or you just can’t find the answer to your questions, you can contact the IRS Taxpayer Advocate Service (TAS). The TAS is an independent organization that helps taxpayers navigate their taxes and deal with the IRS.

mySSA Account

If you currently have, or had, a job that pays into the Social Security retirement system, you have probably gotten a Social Security Statement in the mail at some point. These statements used to be sent by mail each year, but now are only available online.

In order to see your Social Security statement, you need to set up a mySSA account. But there are lots of things that you can access through your mySSA account, including what you will get paid if you retire at your full retirement age, if you retire early, or if you qualify for Social Security Disability benefits because you are unable to work. You can also find out if you will qualify for Medicare.

It is also a good idea to check, each year, that your income is correct on your statement, as your retirement and disability benefits are based on your annual income.

You can even request a new Social Security card online.

Creating a mySSA account is free, secure, and accessible on any device.

Bank Account

Having a bank account is helpful for many reasons, but it is actually required to receive Social Security benefits.

Having your benefits automatically deposited in your bank account can cut down on fraud and having your checks stolen from a mailbox.

Several major banks will waive their monthly fees if you receive a minimum monthly direct deposit from the Social Security Administration (SSA) or other government agencies.

Each bank has rules on how much you have to receive each month from the SSA by direct deposit, in order to qualify for a free account.

To sign up for an account, banks usually require that you bring a government-issued photo ID and proof of your residence (such as utility or phone bills).

For information about some free checking account options: Best free checking accounts — January 2023

For more information about getting organized and dealing with finances, visit our Financial Topics Page.

About Triage Cancer

Triage Cancer is a national, nonprofit providing free education to people diagnosed with cancer, caregivers, and health care professionals on cancer-related legal and practical issues. Through events, materials, and resources, Triage Cancer is dedicated to helping people move beyond diagnosis.

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