SSS launches online issuance of social-security numbers

The Social Security System (SSS) is now accepting online applications for SSS membership on its web site at www.sss.gov.ph. SSS has adopted a two-phase application process for the online issuance of SS numbers. The web system will initially verify if the applicant already has an existing SS number using the full name and birth date given by the worker, who must also provide an email address as part of the first phase.

The process of online application for SSS membership has two steps.

The first step is for the applicant to provide his full name and birth date so that the SSS web site can verify whether an SSS number had already been issued to such person.

“Once the SSS has determined that the applicant has no previous SSS number, the Web system will prompt the worker to provide additional details during the second phase, such as the home address, contact information, marital status, and names of the spouse, parents and children,” SSS Officer in Charge of the Service Delivery Department Renato Malto said.

The SSS number that will be issued to online applicants, however, will only be temporary and would have to be converted to permanent status by presenting personally before any SSS branch the accepted supporting documents of identity, such as a birth certificate, a baptismal certificate or a valid passport.

“Once the worker has successfully changed the temporary SS number to a permanent one, it can be used to file for various SSS benefits and loan privileges, as well as to apply for the UMID [Unified Multipurpose Identification] card if at least one monthly contribution has already been posted,” Malto said.

In 2014 some 2.3 million manual applications forms for SSS membership were received at SSS branches nationwide.

Considerations in Deciding When to Take Social Security

Recently I responded to a post from a blogger I respect, The Oblivious Investor, about decision making regarding whether to take early Social Security benefits for retirement or not.  It contains enough food for thought regarding this decision that my comment is presented below in its entirety.

There are obviously too many variables to consider regarding taking social security to be able to give one-size-fits-all guidelines, but I want to point out one non-financial consideration: with the break-even point of taking benefits at 62 vs 70 generally falling somewhere around age 80, for people who have ample resources they need to consider the USEFULNESS of the income between ages 62 and 80 versus ages 80 and say 98.

Each person has to make their own decision, but my experience is that generally people are as healthy and active as they can in those earlier years of retirement, and then at some point they’ve “been there, done that, got the t-shirt” and the extra income is less useful.

I googled ‘social security break even’ to find a quick verification of the break even point being somewhere around age 80, and found a good article from BusinessWeek . Coincidentally a colleague of mine in the fee-only Alliance of Cambridge Advisors, Bert Whitehead, was quoted in the article and he made a good point that if one invests the social security income they receive between ages 62 and 70 then the breakeven point gets pushed out to somewhere into age 92+.

I didn’t realize he was in that article, but at the risk of being biased in that I know he’s a great financial planner I think it’s a worthwhile read.