WPBN: Simple errors cause thousands of Social Security recipients to lose their monthly benefits each year. Many people lose out on important revenue because they don’t recognize their mistake until it’s too late. Failing to notify the Social Security Administration (SSA) of significant changes in address, marital status, or income is one of the most prevalent problems.
Knowing how even minor mistakes can affect your benefits payments is crucial if you’re receiving them. Beneficiaries must notify the SSA of any changes that may impact their eligibility or payment amounts. Here are some tips to help you keep your Social Security benefits.
Modifications You Need to Report
Not informing the SSA of changes in their circumstances is one of the most common errors made by beneficiaries. The most frequent updates that you must report are as follows:
- Work-related income: You are required to report any additional income if you are working and receiving Social Security benefits. The annual income cap for 2024 is $21,240. If you make more than this amount without telling the SSA, your benefits may be suspended or your payments may be decreased. The SSA’s website has comprehensive income rules.
- Marital status: Your eligibility or the amount of benefits you receive may vary if you get married, get divorced, or become a widow. For instance, your current marital status frequently determines whether you are eligible for spousal or survivor benefits.
- Relocating overseas: You must notify the SSA if you relocate outside of the US. Certain agreements between the United States and other countries may affect your eligibility, and not all countries permit benefit payments.
How Much This Error Could Cost You?
The SSA may decide that you were overpaid if you don’t disclose these adjustments. You could have to pay back the additional money if this occurs. In certain situations, your benefits may be completely suspended by the SSA until the problem is fixed.
For example, months later, a beneficiary who received additional income without informing the SSA can get a letter requesting payback of thousands of dollars.
Significant financial difficulty may result from this, particularly for those who depend on their benefits to cover everyday costs.
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How to Prevent Your Social Security Benefit from Being Withheld?
Take these easy actions to steer clear of these expensive errors:
- Report any changes right away: You can call the Social Security Administration at 1-800-772-1213 or update your information via your My Social Security account at ssa.gov/myaccount.
- Maintain precise records: Keep copies of your tax returns, pay stubs, and any letters you may have sent to the Social Security Administration. If a dispute does develop, having thorough records will help you settle it swiftly.
- Speak with an expert: See a lawyer or advisor who focuses on Social Security benefits if you have questions about your eligibility or need assistance navigating a complicated case.
- Regularly check your account: To make sure all of your information is correct and up to date, log into your My Social Security account.
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How to Increase Your Advantages?
There are techniques to be sure you’re getting all the benefits to which you’re entitled, in addition to avoiding mistakes. For instance, the SSA uses the cost-of-living adjustment (COLA) to modify payouts every year to reflect inflation. As a result of COLA, beneficiaries will receive higher payouts in 2024. The most recent payment schedule is available on the SSA’s official COLA page.
The Social Security Administration provides programs to help beneficiaries who are having financial difficulties if you believe your benefits have been unjustly decreased or withheld. You can swiftly recover your payments and settle disputes with the aid of these services.
Maintaining your financial stability requires protecting your Social Security benefits. You can make sure your monthly check arrives on time by being proactive and knowledgeable. Go to ssa.gov, the official website of the Social Security Administration, for further resources and information.
