How setting up an online Social Security account fights ID theft

Earlier this year, the Social Security Administration announced it found a way to save $11 million annually: by mailing fewer Social Security statements. It will now mail paper benefit statements only to people who are 60 or older and who haven't created a my Social Security account online and aren't yet receiving Social Security benefits.

So if you're under age 60 and you'd like to get an estimate of your future Social Security benefits, you'll have to create an online account online at my Social Security. It's not really difficult, and by doing so you'll be protecting yourself in several ways.

When you create an account, expect to navigate a new required security process. You'll need to obtain a code for one-time use that's a second method of verifying your identity. You have to supply either an email address or a cell phone number to receive the verification code. Once you get it, you enter it at my Social Security to sign into your account.

You'll also need to verify your personal information (name, date of birth, Social Security number and address) and your information that's in credit bureau files (such as the town where you resided in the past, year of recently registered vehicle, etc.).  

Everyone who pays into Social Security should establish an account. Doing so prevents identity thieves from setting up an unauthorized account using your Social Security number because only one account per Social Security number is allowed.