Social Security Newsletter
Social Security Newsletter
Social Security is more than just a retirement program. It provides benefits for disability to individuals with little income and limited resources. Social Security also provides benefits to children and support for your family in the event of your death.
Even though Social Security may be the largest source of income for many elderly Americans, it is and never was intended to be the only source of retirement income. In today’s world of ever-changing economic conditions, Social Security, employee pensions, personal savings and investments make up the average American’s retirement portfolio and provide an opportunity to realize financial security in retirement.
Social Security not only has a responsibility to us in retirement, we have a responsibility to Social Security. It is our duty to report any and all changes that might impact our benefits to Social Security as soon as possible. If changes are not reported or if you deliberately make a false statement, your benefits could be stopped.
If you are found to be in violation for the first time your benefits may be stopped for 6 months. A second violation may cause a stoppage of 12 months and a third may result in your benefits being stopped for 24 months causing a financial hardship on you and your family.
You can call or write to the Social Security Administration to make a report of any changes. Reports should be made by referring to your claim number. If you are receiving benefits based on your own record of earnings your claim number will be your Social Security number. If you are receiving benefits as a result of someone else’s record, you will be assigned a claim number which will appear on all correspondence from the Social Security Administration. This Social Security Newsletter outlines the changed you need to take note of.
Some changes you will need to report are:
• Change in address.
• Change in estimated earnings.
• Receiving a pension from work not covered by Social Security (Ex: Federal CSRS).
• Change in direct deposit information.
• Change in marital status.
• A name change.
• Receiving benefits due to caring for a child.
• Adopting a child who is receiving benefits.
• Outstanding arrest warrants.
• Becoming a parent after your benefits begin.
• Criminal conviction.
• Incarceration.
• Leave the United States.
• Parole or probation violation.
• Change in citizenship status.
• Receiving both Social Security and Railroad Retirement benefits.
It is also very important to notify the Social Security Administration if a person receiving benefits dies or becomes unable to manage their own finances. This information is important to know and understand so that you do not find yourself in an untenable position due to being unaware.
Building financial security is not just for you but for your family and society as well. Each of us must invest in our individual futures, and when we do, it is an investment in the future of our country. Changes may ultimately have to be made in Social Security in order to sustain what it has meant to workers and their families for decades. Our collective goal is to ensure Social Security continues to be around to protect future generations. Be sure to follow the advice presented in this Social Security Newsletter.
P. S. Always Remember to Share What You Know.
