The 9 Life Transformations That Have An Impact On Social Security Benefit
Everything in life is not permanent since change is constant in life. However, the social security benefit is about to change. Therefore, regardless of the factors that influence the social security benefits, you will enjoy the positive side of having more income during retirement.
Some factors that influence social security benefits are:
1. Change of name: For instance, if you decide to change your name legally from Claire Martins to Claire John, you should notify and contact the SSA about the changes in your name. It will help avoid errors in remitting your salary or wages into the social security earning file.
You need to present some documents to the SSA to accept your new name and issue your new security card, such as:
• Certificate of naturalization bearing your new name.
• Marriage certificate.
• Divorce decree.
• Court order showing approval of your new name.
2. Change of address: The SSA needs to be informed of your new location to prevent them from sending your monthly check or other valuable documents to a different address. Your relocation from one state to another will not affect your security benefits payouts. However, it can influence your check due to the taxes assigned by the state.
Social security is treated differently in some states.
3. Adoption or extension of the family: If there is a new member in your family, either you adopt or expand your family, the social security administration needs to be informed, as the latest member could be part of the beneficiary of the social security retirement packages.
Your children under 18, unmarried or full-time students in or below grade 12, and children with disability are eligible for the benefits without reducing your retirement benefits.
4. Change of citizenship status: If you satisfy specific required conditions by the SSA as a legal immigrant in the state, you can be eligible for social security benefits. Such conditions include work credits or earned equivalent credits from your work history in your previous country.
As an American citizen, you have the right to receive your benefits if you relocate to one of the eligible countries. However, suppose you decide to leave for some country like Moldova, Kazakhstan, Tajikistan, Belarus, Azerbaijan, Kyrgyzstan, and Uzbekistan, where the SSA cannot make social security payments. In that case, you might not get the benefits.
5. If you receive a pension from your new work not covered under social security: During your years in service, suppose you didn’t pay taxes for social security, the SSA may reduce the widow, spouse or widower benefits by more than 60 percent of the payments you receive as pension from the government. This act is termed government pension offset (GPO).
6. If you are convicted of a crime: if you are found guilty of an offense and sentenced for 30 or more days, the SSA can deprive you of your entire social security benefits. However, the SSA will return your benefits a month after your release once you are acquitted.
7. You are no longer in charge of your social security recipient child: The American government provides social security benefits for children aged 18 and above who are disabled before they are 22 years or continuously disabled. The benefits can last for the time they are incapable of doing any work or until they die from the disability.
8. If you don’t have practical fund management skills: After retirement, you might be the one who can’t control your financial affairs. When you identify this challenge, inform the Social Security Administration. They can help you conduct a discreet investigation and appoint someone who might be your family member, organization, friend, or an individual to assist you in monitoring your benefit affairs. Failure to do so may cause a monthly benefit check delay or errors in your earning record.
9. Suppose the beneficiary dies: For example, if the social security inheritor died in July, you must refund the benefit they paid in August to the social security administration. They are not entitled to social security payouts again.
You can contact the social security administration (SSA) at 1-800-772-1213 if you have any challenges concerning the social security benefits.
Contact Information:
Email: [email protected]
Phone: 6232511574
Bio:
Todd Carmack grew up in Dubuque, Iowa, where he learned the concepts of hard work and the value of a dollar. Todd spent years in Boy Scouts and achieved the honor of Eagle Scout. Todd graduated from Iowa State University, moved to Chicago, spent a few years managing restaurants, and started working in financial services and insurance, helping families prepare for the high cost of college for their children. After spending years in the insurance industry, Todd moved to Arizona and started working with Federal Employees, offing education and options on their benefits. Becoming a Financial Advisor / Fiduciary can help people properly plan for the future. Todd also enjoys cooking and traveling in his free time.
Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.
