Wednesday, September 28, 2022

Can You Check Your Social Security Balance

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Option : Call Direct Express Customer Service

You should regularly check the estimated Social Security benefit youll eventually get

The fourth option to checking the balance on your Direct Express Debit MasterCard is to call their customer service number.

Customer Service can be reached 24 hours a day, 7 days a week. You can find their phone number on the back of your card or call their toll free number at 888-741-1115.

For Hearing impaired: 1-866-569-0447. For International: 1-765-778-6290 .

We hope our answer to the question -How do I check the balance on my Direct Express card? was helpful. If you have any questions or comments, please let us know in the comments section below.

Imrf Will Not Reduce Your Social Security

Your IMRF retirement benefits will never be reduced because you receive Social Security, and your Social Security benefits should not be reduced by your IMRF pension.

With the exception of a small number of people, IMRF members participate in Social Security in addition to IMRF, and you are entitled to full retirement benefits from each.

It is your responsibility to ensure that you receive the full Social Security benefit you are entitled to. IMRF Field Representatives can help you if your local Social Security office is attempting to reduce your benefits when they shouldn’t.

International Use Of The Direct Express Card

Yes. You can use your Direct Express® card outside the United States, wherever Debit MasterCard® is accepted. See question 3.1 for information about fees that apply when you withdraw cash or use your card to make purchases outside the United States. The United States includes:

  • All 50 states
  • Puerto Rico
  • US Virgin Islands

Surcharge fees may apply when using your card at an ATM outside the United States or in a location that does not offer a large Direct Express® ATM network at this time .

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Getting A New Social Security Number Is Probably Not A Good Idea

Victims of identity theft sometimes want to change their Social Security number. The Social Security Administration very rarely allows this. In fact, there are drawbacks to changing your number. It could result in losing your credit history, your academic records, and your professional degrees. The absence of any credit history under the new SSN would make it difficult for you to get credit, rent an apartment, or open a bank account.

What Is A Social Security Statement

What Day Should My Social Security Payment Arrive?

A Social Security Statement is a statement that is available through the Social Security Administration . It shows you the benefits that youll be entitled to when you retire, or if you need to file a claim for disability.

The purpose of the form is to let you know what your benefits will be. Its important to remember that the information provided is just an estimate.

For example, your Social Security retirement benefit is based on your earnings history. Since youre still working, the information that will be needed to determine that benefit is not complete.

The SSA has a record of your earnings and taxes paid up to this point. But what they dont know is what your future earnings will be. The estimate makes the assumption that your earnings will continue at the same level as it was for the most recent earnings year.

So lets say that in 2016 you earned $50,000. Now this is earned income only, so investment earnings, retirement plan liquidations, unemployment insurance, and other unearned sources will not count toward your benefits calculation. Only your earned income wages, self-employment income, contract revenues, and the like are used to calculate your benefits.

The SSA will make the assumption that youll continue to earn $50,000 per year between now and the time you collect benefits.

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Get Ssa Benefits While Living Overseas

U.S. citizens can travel to or live in most, but not all, foreign countries and still receive their Social Security benefits. You can find out if you can receive benefits overseas by using the Social Security Administrations payment verification tool. Once you access the tool, pick the country you’re visiting or living in from the drop-down menu options.

How To Check Your Social Security Statement And Why You Should

Kevin Mercadante|

Modified date: Apr. 19, 2019

If youre investing for your retirement, you shouldnt forget about the income youll earn from Social Security.

Even though it may be decades away, its possible to get an estimate as to what your retirement benefits will be.

All you have to do is get a copy of your Social Security Statement. Its easy to do, and its an absolutely necessary step in planning for your retirement.

Whats Ahead:

    Also Check: What Is The Best Month To Start Social Security

    Check Your Balance Online

    The quickest and easiest way to check your food stamps balance is by visiting the JP Morgan Chase EBT website at https://www.ebtaccount.jpmorgan.com. When you visit the website, you will need to first register an account by entering you name, account o card number, and pin. This allows you to simply enter the card number and pin when you return and get immediate access to your balance. If you have Internet access, this will be the easiest way to check the current balance. It also lets you see your most recent purchases in case youre wondering about the balance.

    How Your Credit Score Is Affected

    How Do I Check My Social Security Account

    While it looks and swipes like a credit card, the Direct Express card is not a credit card. No credit check is necessary to receive the card or to have your benefits deposited to the card each month.

    When you make purchases, youre not borrowing money, and theres no balance to repay each month. Your card usage isn’t reported to any of the major credit bureaus, which means that it’s not included in your credit report and won’t impact your credit in any way. You can, however, use the card for paying other monthly bills that may affect your credit.

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    Increase Your 401 Contributions

    Increasing your 401 contribution is one of the best ways to help fund your retirement. Not only will you increase your tax-deferred earnings, but you may also garner a more sizable matching contribution from your employer. Higher 401 contributions are particularly important when you are younger, as your account will have a longer period of time to benefit from the effects of compounding. However, even if youre approaching retirement, the more funding you can get into your 401, the more likely you are to outlive your money once you retire.

    Special For Adult Disabled Children

    For a parent awarded SSD benefits for their adult disabled child, meaning a child over age 18, different rules apply. There is no five month waiting period. However, complex rules determine the “entitlement date.” You may need the assistance of an attorney to understand the benefits your adult child is entitled to.

    For disabled parents, back pay for their adult disabled child will not go back any further than 12 months before the parent applied for benefits. If the child does not become disabled until after age 18, the earliest benefit date will be the first full month after the adult child is disabled.

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    Check For Errors In Your Social Security Statements

    Social Security can be a big part of your retirement income, so it helps to know if the federal government calculated your benefits correctly.

    A Social Security statement details your earnings history and estimated monthly retirement benefit. The Social Security Administration mailed 47.9 million paper statements in the 2016 fiscal year, which ended September 2016. And more than 26 million people have a My Social Security account that allows them to check their statements online.

    “Most clients don’t realize the statements are not mailed each year and can’t remember the last time they looked,” said certified financial planner Jan Valecka, owner of Valecka Wealth Management.

    Not everyone receives a paper Social Security statement each year.

    The SSA mails paper statements to workers at ages 25, 30, 35, 40, 45, 50, 55 and 60 who aren’t receiving retirement benefits and do not yet have a My Social Security account. After age 60, people will receive a statement every year. The statements are mailed three months prior to your birthday.

    The paper statements differ slightly depending on your age. Here are examples of statements for young workers, people in the middle of their careers and those 55 and older.

    The SSA has been mailing paper statements this way since 2014. In 2011, the agency stopped sending everyone paper statements to save $70 million annually on printing and postage costs, but had to backtrack after beneficiaries and lawmakers complained.

    Why You Should Check Your Social Security Statement

    You Should Check Your Social Security Balance Regularly ...

    In order to accurately assess how much income youll need in retirement, and therefore how big of a retirement portfolio youll need to produce that income, you have to consider retirement income from non-investment sources. This includes pensions, income generated by non-retirement assets, and Social Security benefits.

    For example, if you expect to need $5,000 per month in retirement, but you will receive $2,000 per month in Social Security benefits, then your retirement portfolio will only need to generate $3,000 per month.

    Knowing your Social Security benefit is also important because most workers today arent covered by a defined benefit pension plan. Those were the employer-only funded plans that many of todays retirees enjoy. But most workers today will be dependent on a combination of Social Security benefits and the income generated by a generously funded retirement portfolio.

    Apart from retirement, its also important to know how much you can expect to receive if you needed to file for disability. This is an often under-appreciated benefit of Social Security, but an extremely important one for everyone who relies primarily on earned income to provide for themselves and their families.

    Read Also: How To Check How Many Social Security Credits I Have

    Option : Via Direct Express App

    The second option to checking the balance on your Social Security Direct Express card is to download the Direct Express mobile App.

    You can download here at the Apple Appstore or on Androids .

    With the app, you can do many more things than viewing your card balance, including getting direct deposit notifications on when your money is put into your account and getting balance alerts regularly.

    You can also use the app to locate free ATMs you can use with your Direct Express Debit Card.

    Factors That Affect How Much You’ll Get In Retirement

    Most retirees rely on Social Security. One in four gets 90% of their retirement income from the program. About half rely on it for 50% of their income.

    Although Social Security is only one part of a secure retirement plan, it’s helpful to get a rough idea of how much you can expect. If you’re eligible for Social Security, your monthly benefit is based on two factors:

    • How much money you earned during your working career
    • The age you choose to start getting payments

    Let’s look at how each of these affects your future Social Security income.

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    Check Your Pension Status

    Not many companies offer a traditional pension plan any more, but if you have changed jobs a lot in your life, you might have left some money behind you that you didnt even know about. If youre nearing retirement age, its actually likely that you have earned pension money somewhere along the line, and it behooves you to examine where that money might be. If youre a younger worker, consider seeking out employers that do still offer traditional pensions, which allow you to earn retirement savings from your employer at no cost to you while youre still saving on your own.

    How To Check If Someone Else Is Using Your Social Security Number

    Can my social security disability check be garnished for Alabama child support?

    CassandraRead more May 5, 2021

    The rise of technology has brought new threats to your personal data and its security. Identity theft is a crime that strikes at the heart of a modern citizens wealth, employment, social services, and more. Our identity specifically, the electronically-encoded identity that serves as the gateway to our bank accounts, to our home security systems, to our e-mail and network resources can be stolen by unscrupulous people and used for crimes great and small.

    At best, an identity thief may use part of your identity as the launchpad for some phony persona that they are using to commit acts of fraud and light scams. At worst, they can drain your bank accounts, destroy your credit rating, and wipe out your hard-earned retirement benefits. Identity theft is not a minor crime in 2018, more than 60 million Americans reported that they were affected by identity theft.

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    Turn Your Hobby Into Income During Retirement

    While you may not want to get a real job after you retire, there are likely plenty of options that can help generate revenue for you. If you have any hobbies that require specialized knowledge or skills, you may be able to turn those into profit centers even after you retire. For example, if your hobby is woodworking, you can likely sell some of your pieces either locally or on the internet to earn a few bucks. The same is true for countless other hobbies, from needlework to baking to writing.

    Ask Questions When They Ask For Your Social Security Number

    There is no law that prevents businesses from asking for your SSN. And you may be denied service if you don’t give the number. If giving your SSN to a business doesn’t seem reasonable to you, ask if you can show another form of identification. Or ask if the business can use another number as your customer number.

    Remember that some government agencies can require your SSN. These agencies include DMV, welfare offices, and tax agencies. Look for the required “disclosure” form. The form should state if giving the number is required or optional, how it will be used, and the agency’s legal authority to ask for it.1

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    Getting A Social Security Number For A New Baby

    The easiest way to get a Social Security number for your child is at the hospital after they are born when you apply for your childs birth certificate. If you wait to apply for a number at a Social Security office, there may be delays while SSA verifies your childs birth certificate.

    Your child will need their own Social Security number so you can:

    • Claim your child as a dependent on your income tax return
    • Open a bank account in their name
    • Get medical coverage for them
    • Apply for government services for them

    Keep your Social Security card in a safe place to protect yourself from identity theft.

    Get A Social Security Statement

    Checking Account: Definition and Tips

    The Social Security Administration maintains an online service that lets you find out what you have paid into Social Security, how many hours of work your employers have reported each quarter, and what your expected benefits would be if you were to retire or go on disability in the near future.

    You may think that would be wonderful since the worker reporting hours to your Social Security account is moving you closer to vesting your Social Security benefit, but in fact, you can have your expected Social Security payments greatly reduced if someone is reporting low-wage labor to your account. So you want to clear up any double-dipping of your Social Security account.

    Requesting your statement is straightforward. You will need to create a my Social Security account if you dont already have one. You can access the sign-in/account creation page here. Once logged in, you can request a Social Security statement to print out from your account. If you prefer a low-tech approach, you can fill out a request form and mail it in, and get a statement mailed to you in 4 to 6 weeks.

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    Dont Put It Off This Is One Of Your Most Important Retirement Assets

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    If youre serious about crafting a solid retirement plan youll need to learn how to read your Social Security statement, which documents your earnings history and your future benefit estimates.

    What do you need to know?

    Get your statement

    First off, you need to get your statement. And to do that, youll need to create a my Social Security. Now, the Social Security Administration will mail you your statement when youre 60 if you havent created a my Social Security account. But thats far too long to wait to learn how much you can expect to receive from Social Security.

    Everyone needs this statement, said Andy Landis, author of Social Security: The Inside Story.

    Its the foundation of all your retirement planning. Youve got to get this today. You review your bank balance and investment statements, Landis said. Why would you ignore one of your largest assets your inflation-proof Social Security?

    How to read your statement

    Next, you must learn what all the numbers on your statement mean and, equally important, dont mean. And, to understand your statement, you need to know the assumptions used, said Landis.

    Estimated benefits: Your estimated benefits are just that, estimates. And those estimates are based on your current earnings rate.

    So, if you quit working before your FRA, your benefit may be lower than the current estimate, she said

    Why not?

    Correcting mistakes

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