Wednesday, August 10, 2022

Can I Check My Social Security Balance

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What Happens If I Lose The Card

Can I really get $144.60 added back to my Social Security check?

You must report a lost or stolen card within two days to limit your liability for losses to $50. If you register the card later than two days, but within 90 days, you could be liable for up to $500 in losses. After 90 days, you could be responsible for all losses.

You should, therefore, report a lost or stolen card as soon as you can so that you’re protected against unauthorized transactions.

As with all financial institutions, it’s a good idea to check your balance frequently to look for transactions you don’t recognize. If you see any unusual activity on your account, you should report it immediately.

Interpreting Projected Social Security Retirement Benefits

While using page 1 of the Social Security statement as a conversation starter has the potential to help drive meaningful dialogue between an advisor and their client, the real meat and potatoes of the Social Security statement can be found on pages 2 and 3.

Page 2 of the Social Security statement includes a summary of the workers estimated retirement, disability, family survivors, and Medicare benefits, based on the average earnings over the persons entire work history . In most instances, individuals are most interested in reviewing these estimated benefits, and in particular, their estimated retirement benefit.

Oftentimes, when workers look at their Social Security statement, their first reaction is something along the lines of, What!? By the time I retire, that monthly benefit amount will be worth almost nothing! This is especially true when a worker has a significant amount of time before they expect to retire.

In all likelihood, when a client makes such a statement, its because they are unaware that the estimated benefits shown on a Social Security statement do not take inflation into account and are presented in current dollars, and not as future value dollars.

In other words, there are no inflation adjustments being applied to the benefit amounts, even though they may not be claimed for many years yet, after which many years of inflation adjustments will almost certainly have been made.

Nerd Note:

How Do Benefits Work And How Can I Qualify

While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to:

  • Those who are currently retired

  • To people with disabilities

  • To the surviving spouses and children of workers who have died

Each year you work, youll get credits to help you become eligible for benefits when its time for you to retire. Find all the benefits Social Security Administration offers.

There are four main types of benefits that the SSA offers:

  • Learn about earning limits if you plan to work while receiving Social Security benefits

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How To Find Your Social Security Number // Social Security Offices

Social Security numbers have become one of the main pieces of identification used in the United States. The Social Security Administration manages the issuance and governance of these numbers. There are many times when you might need to know your SSN such as starting a new job, applying for a loan, or applying for Social Security benefits. Sometimes you are required to present your Social Security card as well, but often simply knowing your number is enough. So, what happens if you forget your number and do not have access to your card? You are probably scratching your head and wondering, What is my Social Security number? There are some ways that you can find out your Social Security number and even get a replacement card, but you will have to go through the proper steps to verify your identity. If you find yourself needing your SSN, but you cannot find it, then keep reading to learn how to find your Social Security number.

Report The Death Of A Social Security Or Medicare Beneficiary

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You must report the death of a family member receiving Social Security or Medicare benefits. The Social Security Administration processes death reports for both. Find out how you can report a death and how to cancel benefit payments. In addition to canceling SSA and Medicare benefits, find out what other benefits and accounts you should cancel.

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If You’re Not Sure Why You Received A Payment

If you receive a check or direct deposit payment from the Treasury Department and do not know what its for, contact the regional financial center that issued it.

If you received a check, look for the RFCs city and state at the top center. Then contact that RFC to find out which federal agency authorized the payment. It will be one of these:

If you received payment byelectronic funds transfer , or direct deposit, follow the directions under Find Information About a Payment.

Use the Treasury Check Verification System to verify that the check is legitimate and issued by the government.

How To Correct An Error On Your Social Security Statement

If you have evidence of your covered earnings in the year or years for which you think Social Security has made an error, call Social Security’s helpline at 800-772-1213, Monday through Friday, from 7 a.m. to 7 p.m. This is the line that takes all kinds of Social Security questions, and it is often swamped, so be patient. It is best to call early in the morning or late in the afternoon, late in the week, or late in the month. Have all your documents handy when you speak with a representative.

If you would rather speak with someone in person, call your local Social Security office and make an appointment to see someone there, or drop into the office during regular business hours. If you drop in, be prepared to wait, perhaps as long as an hour or two, before you get to see a representative. Bring with you two copies of your benefits statement and the evidence that supports your claim of higher income. That way, you can leave one copy with the Social Security worker. Write down the name of the person with whom you speak so that you can reach the same person when you follow up.

The process to correct errors is slow. It may take several months to have the changes made in your record. After Social Security confirms that it has corrected your record, request another benefits statement to make sure the correct information made it to your file.

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Replacing A Lost Social Security Card

Replacing a lost Social Security card is not extremely difficult, although you will need the proper documentation. If you have already registered online for a My Social Security account, then you are in a great position. In most states, you can request a replacement card using the online service through the Social Security Administration website at SSA.gov. You can simply use your account there to request the replacement as long as you are not requesting any other changes like a name change. However, if you do not already have an account, you will likely be unable to go that route since you must know your SSN to create the account.

In that case, you will need to head down to your local Social Security office. Be prepared to bring documents that will prove your identity such as a drivers license, U.S. Passport, or state issued ID card. If you do not have any of these documents, the SSA might accept other documents like a health insurance card, school identification card, or U.S. military ID or identification number. You should note that a birth certificate will not serve as proof of your ID. It proves your date of birth and age when obtaining a card for the first time, but it does not prove identity. You should also note that you will always have to provide original documents. Photocopies or even notarized copies are not valid for proving your identity.

How To Receive Federal Benefits

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To begin receiving your federal benefits, like Social Security or veterans benefits, you must sign up for electronic payments with direct deposit.

If You Have a Bank or Credit Union Account:

  • Call the Go Direct Helpline at .

If You Don’t have a Bank or Credit Union Account:

Make Changes to an Existing Direct Deposit Account:

Learn how to make changes to an existing direct deposit account. You also may contact the federal agency that pays your benefit for help with your enrollment.

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How Do I Check My Food Stamp Balance

Regularly checking ones EBT card balance is one of the most responsible habits SNAP enrollees can partake in. This action makes food stamp recipients privy to how much money they have available in their accounts before these enrollees go on grocery shopping trips. As a result, candidates who regularly and proactively check their food stamp balance before and after each shopping trip can help ensure they will always have ample funds to cover their upcoming purchases. Since each state locally manages its own food stamps program, different parts of the country may have specific regulations regarding how claimants may manage their accounts. However, awardees wondering how to check the EBT balance relating to their SNAP claims may generally do so if they utilize the following methods:

Using Your Benefit Estimates

As your statement will show, your Social Security retirement benefits will vary depending on when you claim them before or after your full retirement age . The longer you wait to start receiving payments, the higher your benefit amount will be.

However, it’s not always better to wait until your full retirement age to claim your Social Security benefits. If you need your Social Security benefits for living expenses, or you have a health condition that makes it unlikely that you will live past age 75 or so, you may be better off collecting your benefits sooner rather than later. You can use a calculator at the Social Security website to see which retirement age makes the most financial sense for you .

For comprehensive practical information about how and when to claim Social Security benefits, see Social Security, Medicare & Government Pensions, by Joseph Matthews with Dorothy Matthews Berman .

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    Password Reset Emails In Your Inbox

    If you begin receiving mysterious password reset emails, then this could signal a problem. This could be a sign that someone is attempting to change the password to your accounts without your knowledge. Never click on the links in these emails. It could be a phishing scam designed to capture your SSN or other sensitive information. If the email is from an account or company you recognize, then you should log on directly to their website and change your password immediately. If someone has gained access to your account, then changing your password should keep them out going forward.

    How Can I Find My Childs Social Security Number Online

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    You probably will not be able to find your childs number anywhere online. If you have claimed them as a dependent on your previous tax returns, you will be able to find their SSN there. If not, then you will need to contact the Social Security Administration so that they can advise you on the proper steps for requesting a replacement card for your child.

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    How Do You Put An Alert On Your Social Security Number

    If you want to place a fraud alert on your Social Security number, you simply need to contact one of the three credit reporting agencies. Tell them you want to place a fraud alert on your SSN, and they will notify the other two agencies. Make sure the credit bureau has your latest contact information on file because they will need to contact you if anyone attempts to use your SSN. This service is free of charge, and the alert lasts for one year. You should be aware that your Social Security number cannot be suspended. If you receive a call stating such, you should hang up immediately because it is a scam.

    What If My Payment Doesn’t Come

    Contact the Social Security Administration at 1-800-772-1213 or find a Social Security office near you if your direct deposit or debit card funds aren’t made on time. The SSA asks that you wait three days before reaching out to them, however.

    The risk of your “check” being stolen is virtually eliminated if you use the Direct Deposit option because the money is transmitted electronically and directly to your bank account.

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    How Do I Check To See If Someone Is Using My Social Security Number

    Identity theft is one of the fastest growing crimes in the country, and nearly one third of all adults in the United States have experienced some form of identity fraud. Safeguarding your Social Security number is one of the best ways to keep your identity safe. When a thief gets access to your SSN, they can open new bank accounts, drain existing finances, file fraudulent tax returns, and take many other nefarious actions. So, how do you know if someone is using your Social Security number before it is too late? There are some steps you can take to stay alert and make sure that no one is using your Social Security number.

    Can Social Security Check My Bank Account

    How To Open a My Social Security Account

    In short, yes. When you file your SSI claim, you must give the Social Security Administration permission to use its AFI to contact financial institutions and request any financial records that the financial institution may have about you. You must give this permission for your initial application as well as for continuing eligibility reviews after you begin receiving SSI payments. You must also provide permission from anyone whose income and resources the Social Security Administration considers as being available to the SSI recipient.

    Financial institution accounts include checking or savings, Christmas club, credit union, certificate of deposit, and money market accounts. They can be individual or joint accounts. The title of the account determines who has access to the money in that account.

    For a joint account, the Social Security Administration considers the money in the account to belong to you even if the money is not actually yours. You should not be a joint owner of an account with anyone, unless the money in the account is yours. Then it will be counted as a resource subject to the SSI eligibility limits.

    Follow these simple rules and avoid over-payments!

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    Early Or Late Social Security Statements Are Getting A Much

    If youre old enough and have worked long enough, you may recall getting an annual Social Security statement in the mail, about three months before your birthday, with estimations of your benefits.

    But budget cuts put a stop to the mailings for most workers. Now, if you want to see your personal Social Security statement, youll have to create an online account. If you dont have an account, or you have one but havent checked your statement lately, you should. The Social Security Administration has given the statement a makeover. Its shorter streamlined down to two pages from the previous four and, thankfully, better written.

    I give them a lot of credit for trying to make this more user-friendly and trying to explain a variety of things like disability and survivor benefits, said Joel Eskovitz, director of Social Security and Savings at AARP Public Policy Institute. Its a lot of information to convey and generally speaking, I think theyve done a really good job.

    The most useful change to the statement is a color bar chart that shows the estimated monthly retirement payments youd get each year starting at age 62 when you first become eligible. Previous statements just showed the monthly amount at 62, your full retirement age, and an estimate of what youd receive by waiting until 70. The increases stop when you reach 70.

    How To Stop Social Security Check Payments

    The SSA can not pay benefits for the month of a recipients death. That means if the person died in July, the check received in August must be returned. Find out how to return a check to the SSA.

    If the payment is by direct deposit, notify the financial institution as soon as possible so it can return any payments received after death. For more about the requirement to return benefits for the month of a beneficiarys death, see the top of page 11 of this SSA publication.

    Family members may be eligible for Social Security survivors benefits when a person getting benefits dies. Visit the SSA’s Survivors Benefits page to learn more.

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    Safeguarding Your Ssi Eligibility

    Before you actually apply for Supplemental Security Income, itâs a good idea that you meet with a disability lawyer and go over your resources. Having this expertise can hopefully prevent any mistakes, overpayments, or surprises.

    If a review determines that your resources have gone above the limit, the government has the right to subject your wages or your accounts to garnishments in order to collect any benefit overpayments back from you. If you do receive assets somewhere down the line that are beyond the eligible limit for Supplemental Security Income, it is a good idea to set aside any further payments from Supplemental Security Income. This way, if the SSA reviews your account and wants their funds back, you have them on hand and available to give over right away. The garnishment process can be stressful and itâs best to avoid it if you can.

    Itâs also a good idea for you to keep as much autonomy around your bank account as possible. This means having only your money in accounts with your name on them. When the government reviews your account, they will count all of the resources in the account as yours, even if some donât belong to you. Additionally, the government will count your spouseâs resources as yours, regardless of whether such resources are actually shared or not. Keeping money that shouldnât be counted towards your eligibility cap completely separate and not attached to your name could be very helpful.

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