Tuesday, August 9, 2022

Social Security Unexpected Deposit 2020

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Update: 2020 Trustees Report

Social Security Live: The Current Financial Status of Social Security

On April 22, the Social Security Board of Trustees released its annual report on the long-term financial status of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds.

The combined trust funds are projected to become depleted in 2035, with 79% of benefits payable after that time. The DI Trust Fund is estimated to become depleted in 2065, with 92% of benefits still payable.

In the 2020 Report to Congress, the trustees also announced:

  • The asset reserves of the combined OASDI Trust Funds increased by $2.5 billion in 2019 to a total of $2.897 trillion.
  • The projected actuarial deficit over the 75-year projection period is 3.21% of taxable payroll higher than the 2.78% projected in last years report.

You and your clients can view the full 2020 Trustees Report at www.ssa.gov/OACT/TR/2020/.

Making The Most Of America Saves Week

This year, America Saves Week ran from February 22 through 26. ASW is an opportunity for organizations to encourage good financial habits. Its the perfect time to promote helping millions of people prepare for their financial future. Ask your clients to join the #ASW21 movement and use this hashtag when posting about their savings goals on social media.

People who save money and have a retirement plan are twice as likely to save successfully. Daily themes for the week included:

  • Monday – Save Automatically.

Please share these helpful resources with your clients today.

Celebrate Your Independence Control Your Future

As the country celebrated its independence this year, people were accessing their mySocial Security accounts and taking control of their future. Knowing you have access to vital programs and information helps you create security for yourself and your family.

We regularly update mySocial Security with new features to make your life easier. The site now accepts wage reports electronically from Supplemental Security Income recipients and deemors, concurrent beneficiaries, and representative payees. This capability had been available only to Social Security Disability Insurance beneficiaries and their representative payees.

There are also a growing number of states where, if you have a drivers license or state-issued identification card, you can request a replacement Social Security card online. Go to www.socialsecurity.gov/myaccount to create or access your account now.

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Why Social Security Is Important To Women

Women have challenging choices to make. Some may spend their entire adulthood in a career or job outside the home. Some may work for a few years, leave the labor force to raise children, and eventually return to work. And some may choose not to work outside the home at all. Whether you work, have worked, or have never worked outside the home, you need to understand how Social Security can help you and your family find financial security.

When most people think of Social Security, they think of retirement benefits with good reason. We have you covered throughout your lifetime. Knowing you will probably be entitled to a portion of your spouses retirement benefits if they pass away is an added security. On average, women tend to make less in wages than men. Social Security pays a higher benefit in relation to earnings for people who earn lower wages.

Social Security is with you through lifes journey, helping you secure today and tomorrow. Any woman, no matter how young or old, would benefit from visiting our webpage for women at www.socialsecurity.gov/people/women.

What If I Receive Both Social Security And Ssi

Preparing for retirement might seem straightforward, but unexpected ...

If you received Social Security benefits before May 1997, or if you receive both Social Security and Supplemental Security Income, the payment schedule is different. Instead, you’ll receive your Social Security payment on the third day of each month and your SSI on the first day of each month.

However, those payment dates change if the 1st or 3rd of the month falls on a weekend. For instance, April 3 fell on a Sunday this year so you would’ve received your Social Security payment two days early, on April 1.

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Facebook Live Event National Consumer Protection Week

As part of National Consumer Protection Week, Social Security hosted a Facebook live event on March 8 with Lisa Schifferle, an attorney with the Federal Trade Commission. The subject that Lisa covered was How to Protect Whats Important to You.

She opened by stating, National Consumer Protection Week is a time to help people understand their consumer rights and make well-informed decisions about money.

National Consumer Protection Week is a coordinated campaign bringing together government agencies with national organizations, plus state and local partners, to offer resources that help people learn about consumer protection issues.

You and your clients can view the Facebook live event at

Social Securitys Frequently Asked And Answered Questions

Social Securitys Frequently Asked Questions webpage is one of our most popular and helpful resources. Your clients probably have questions all the time about our programs. Even experts in retirement and disability benefits find this collection of facts helpful. Currently, our top five FAQs are:

  • How do I apply for a new or replacement Social Security number card?
  • How do I change or correct my name on mySocial Security number card?
  • What happens if I work and get Social Security retirement benefits?
  • How long will it take to get a Social Security card?
  • How can I get a benefit verification letter?
  • Check out these popular questions and their answers or browse our FAQs by topic to conveniently find the answers to questions about what interests you. Visit www.socialsecurity.gov/faq today.

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    How Social Security Continues To Serve You During The Covid

    The COVID-19 pandemic continues to impose hardships and our country’s most vulnerable citizens continue to suffer. Many people rely on face-to-face meetings to get the help they need. Since last year, weve seen fewer applications for the Disability Insurance and Supplemental Security Income programs. Were working to let people know we are here to help with benefits, tools, and information.

    Were giving special attention to children with disabilities along with their families and caretakers. If your client, or someone you know, has a child who may qualify for SSI, encourage them to apply by visiting our SSI Benefits page at www.ssa.gov/benefits/ssi.

    Resources, such as our People Helping Others page, provide information for anyone helping someone with accessing our services at www.ssa.gov/thirdparty. There, your clients can access our Faith-Based Community Group Outreach Toolkit for groups and organizations to share with their networks.

    Please share this information with your clients.

    New Online Reporting Form For Imposter Scam Calls

    Here’s what could happen to your benefits if Social Security runs out of money

    Recently, Commissioner Andrew Saul and Inspector General Gail S. Ennis announced the launch of an online form at oig.ssa.gov where the public can report Social Security-related phone scams. These scams in which callers pretend to be government employees to trick victims into providing personal information or money in cash, wire transfers, or gift cards skyrocketed over the past year to become the #1 type of fraud reported to the Federal Trade Commission and the Social Security Administration. The scammers often make threats including arrest.

    Now, scammers have added a new twist. They may send your clients emails with fake letters or reports that appear to be from Social Security, the Office of the Inspector General , or other agencies. The letters may appear to use official letterhead and government jargon to look legitimate.

    Encourage your clients to remain vigilant against scams. Real Social Security employees will never:

    • Tell you that your Social Security number has been suspended.
    • Contact you to demand an immediate payment.
    • Ask you for credit or debit card numbers over the phone.
    • Require a specific means of debt repayment, like a prepaid debit card, a retail gift card, or cash.
    • Demand that you pay a Social Security debt without the ability to appeal the amount you owe.
    • Promise a Social Security benefit approval, or increase, in exchange for information or money.
    • Email sensitive information.

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    Rural And Tribal Elder Justice Summit Resource Guide From The Department Of Justice

    Roughly 20 percent of older adults live in rural communities. Often there are fewer services and service providers in rural communities, and access to broadband may be limited. All of these service challenges can affect the quality of life in rural communities, and they can make it difficult to identify and combat elder abuse, neglect, and financial exploitation in rural communities, including tribal communities.

    Let your clients know that the Justice Department has an online guide to help you fight elder abuse in rural and tribal communities at www.justice.gov/elderjustice/rural-and-tribal-resources.

    Social Security also has resources for American Indians and Alaska Natives. Social Security continues to work with Tribal Governments to build strong, positive relationships between our agency and Tribal Nations. We will continue to update our American Indians and Alaska Natives website to provide your clients with a wealth of information about all of Social Securitys programs and online services. We also publish an annual progress report on Tribal Consultation and Coordination outreach.

    Your clients can learn more at www.socialsecurity.gov/people/aian.

    Older Americans Month And Protecting Seniors From Fraud

    Every May, the Administration for Community Living leads our nations observance of Older Americans Month. At Social Security, we use this time to strengthen our connections with older Americans and help protect them. Seniors are especially vulnerable to scammers who pretend they represent Social Security.

    Here are five easy-to-use resources your clients can use to prevent Social Security fraud:

    Please share this information with your clients to help spread awareness about Social Security imposter scams.

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    The Administration For Community Living Seeks Public Input

    The Administration for Community Living wants to hear your best thoughts and ideas for the future activities of the Elder Justice Coordinating Council . The EJCC coordinates activities related to elder abuse, neglect, and exploitation across the federal government. They want to know what issues you think the EJCC should prioritize over the next two years.

    You can submit comments electronically to with Thoughts and Ideas in the subject line through September 30, 2019.

    What they are looking for:

    • How have the EJCCs past activities benefitted you or your affiliated programs?
    • What activities, tools, resources, or components could most effectively advance elder justice at the state and local levels?
    • How could the EJCC benefit the larger elder justice community?
    • What is the best way to measure the EJCCs impact and effectiveness?

    What they are not looking for:

    Please do not use this mailbox to report suspicions of abuse, neglect, or exploitation. Any suspected abuse, neglect or financial exploitation should be reported to your states Adult Protective Services. ACL is also not authorized to receive personally identifiable information beyond the contact information of the person submitting input. They will not review any comment that includes any other personally identifiable information such as names, addresses, phone numbers, or Social Security numbers.

    You can read ACLs full public input invitation at .

    A New And Faster Way To Request A Social Security Card

    If You Have Been Laid Off, Should You Take Your Social Security ...

    Were continuously expanding our services to put your clients in control and help them secure today and tomorrow.

    Do your clients need to apply for an original or replacement Social Security number card? We now have a new and faster way for them to do so.

    When your clients visit our Social Security Number and Card webpage, they will answer a series of questions that will determine whether they can:

    • Complete the entire application process online or
    • Start the application process online, then bring any required documents to their local office to complete the application, typically in less time.

    We will mail the card after we process their completed application. Please remind your clients that we dont issue cards at our offices.

    Your clients can learn more about this new process on our blog post.

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    Social Security Releases Calendar For New Payment Amounts

    Social Security released its 2022 calendar showing the dates of benefit payments for the year.

    The Social Security Administration recently released its 2022 calendar, showing when recipients can expect to receive their benefit payments in the coming year.

    The benefits will be paid out on a different day of the month based on the beneficiaries birthdays.

    Any birthdays that fall between the first and the 10th will be paid on the second Wednesday of each month. Those born between the 11th and 20th will be paid on the third Wednesday of the month. And those born between the 21st and 31st will be paid on the fourth Wednesday of the month.

    If you are expecting Social Security payments, but are struggling with your monthly expenses, consider taking out a personal loan to help pay down high-interest debt. Visit Credible to compare lenders and find your personalized rate.

    Social Security Covers Children With Disabilities

    Caring for a child with a disability can put extra strain on a family. The Supplemental Security Income program can help your clients who have a young child in need. People with low income and limited resources who are 65 or older, blind, or disabled can qualify for monthly SSI payments. Children, if younger than age 18, can qualify if they have a medical condition or combination of conditions that meets Social Securitys definition of disability for children, and if their familys income and resources fall within the eligibility limits.

    Save and share this publication: Benefits For Children with Disabilities www.socialsecurity.gov/pubs/EN-05-10026.pdf. It outlines disability benefits requirements.

    Your clients can also learn more about our disability programs at www.socialsecurity.gov/disability.

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    The Affordable Connectivity Program Can Help Ssi Recipients Get Internet Access

    Internet access is now necessary for work, school, healthcare, and more. However, for many households, it remains unaffordable. The Federal Communications Commission wants everyone to access reasonably priced internet services. They recently launched a new program to reduce the cost of getting online.

    The Affordable Connectivity Program provides a discount of up to:

    • $30 per month toward internet service for eligible households.
    • $75 per month for households on qualifying Tribal lands.

    Eligible households can also receive a one-time discount of up to $100 toward purchasing a laptop, desktop computer, or tablet from participating providers. To qualify for this one-time discount, households must contribute more than $10 and less than $50 toward the purchase price.

    If your clients receive SSI, please encourage them to visit the ACPs website to see if theyre eligible. Your clients can also learn more about applying for ACP on our blog: The Affordable Connectivity Program Can Help SSI Recipients Get Internet Access Social Security Matters .

    If You’ve Been Overpaid

    How Social Security Benefits are Taxed

    If Social Security paid you too much, you generally have to pay the money back. You will receive a notice explaining the error and outlining your options and rights.

    Typically, SSA withholds some or all of your corrected monthly payment until the debt is settled. If you no longer are receiving benefits, the agency seeks a lump sum refund, which you can repay online using the Treasury Department’s Pay.gov service. You’ll find information on using Pay.gov on your billing notice.

    SSA has the authority to garnish wages or income tax refunds if you don’t comply. But it also can work with you to set up a monthly payment plan you can afford.

    You can request an outright waiver of the debt by filing Form SSA-632. You’ll have to demonstrate that the overpayment was not your fault and that repayment would cause financial hardship.

    If you don’t think you were overpaid, you can appeal using Form SSA-561-U2. You have 60 days from the date you receive the overpayment notice to file your appeal.

    You’ll find more information in the Social Security publication Overpayments.

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    As Tax Day Approaches Get Your Benefit Statement Online

    Your clients Benefit Statement is a tax form from Social Security that shows the total amount of Social Security benefits they received in the previous year. Its also referred to as an SSA-1099. Noncitizens who live outside of the United States receive the SSA-1042S instead of the SSA-1099. Your clients should report the amount of Social Security income they received to the Internal Revenue Service on their federal tax return.

    The Benefit Statement isnt available for people who only receive Supplemental Security Income payments because SSI payments arent taxed.

    If your clients receive Social Security benefits, we mailed their Benefit Statement to their address on file with us. If they didnt receive it, or if lost, they can get their SSA-1099 or SSA-1042S instantly online with their personal mySocial Security account at /www.ssa.gov/myaccount/replacement-SSA-1099.html.

    Encourage your clients to read our blog, Tax Season: What to Know If You Get Social Security or Supplemental Security Income, to learn more.

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