It is true that many financial experts and planners tout the benefits of verifying earnings records via annual Social Security statements. If there are any errors, they could end up costing tens of thousands of dollars in Social Security benefits come retirement time.

A great way to stay on top of one’s potential future monthly benefits is relatively easy. All one has to do is to create a mySocialSecurity (MySSA) account. By making an effort to check this handy online statement on a regular basis—at least once a year—one can immediately notify the agency if there are any mistakes in the earnings record and get them rectified as quickly as possible.

“The amount of the Social Security benefit you or your family receive depends on the amount of earnings shown on your record. If all of your earnings are not shown on your record, this could mean lower Social Security benefits for you or your family,” the Social Security Administration (SSA) writes.

However, “if the earnings missing from your Social Security record are for the current year or last year, you don’t need to worry. Because these earnings are recent, we may not have recorded them yet,” it continues.

Sign-Up Rate Still Low

Many Americans have not warmed up to the idea of creating such an online account. As reported by finance writer Yaël Bizouati-Kennedy at personal finance resource site GOBankingRates.com, the “number of people with a MySSA account remains low.”

Citing a study conducted by the University of Michigan’s Michigan Retirement and Disability Research Center, Bizouati-Kennedy wrote that “for younger people especially, MySSA could be a potentially useful financial and retirement preparedness tool, by prompting individuals early and clearly about important information and actions for financial and retirement planning.”

She continued by saying that “there are four key reasons for not creating a MySSA account, according to the study, including a lack of awareness of MySSA; no relevance/need; security and privacy concerns; and low internet/computer literacy. However, when interviewees created or logged into an account, they found the MySSA platform to be clear, navigable and relevant.”

Useful Features Abound

For those who have created a mySocialSecurity account, there are other great features as well, such as a blue bar graph that includes Social Security benefit estimates when claiming at nine different ages—from 62 through 70.

“The blue bar form is a welcome addition for workers who need information to help them make good choices about their benefits,” David Freitag, a financial planning consultant and Social Security expert at MassMutual, told CNBC.

Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters.