Key takeaways: Hackers can use your Social Security Number (SSN) to commit different types of identity theft, namely financial, medical, and criminal identity theft, which can have severe legal and financial consequences. The most common methods used by hackers to steal SSNs are phishing scams, data breaches and social engineering, which rely on tricking or…
Key Takeaway: Social Security number is often required by landlords for verification of identity: Landlords ask for your Social Security number to ensure that you are who you say you are and to confirm that you have no criminal history. This helps protect both the landlord and other tenants in the building or complex. Social…
Key Takeaway: Social Security File and Suspend is a strategy that allows spouses to maximize their Social Security benefits by delaying the collection of benefits. File and Suspend can be used for both retirement and spousal benefits, and allows for maximum benefits to be collected at a later date. While File and Suspend may be…
Key Takeaway: The Social Security Bill includes four main programs: Retirement benefits, Disability benefits, Survivors benefits, and Medicare. These programs provide financial and medical support to eligible individuals and their families. The Retirement benefits program provides a monthly payment to individuals who have reached a certain age and have worked a certain number of years….
Key Takeaway: Social Security Tax Withheld refers to the amount of money that is taken out of an employee’s paycheck to fund Social Security benefits and programs. Social Security Tax Withheld is important because it helps fund programs and benefits that provide financial security for retired, disabled, and surviving individuals, as well as their families….
Key Takeaway: Netspend asks for a Social Security Number (SSN) to comply with government regulations, which require financial institutions to verify the identities of their customers. This helps prevent financial crimes such as money laundering, identity theft, and terrorist financing. Providing a SSN also helps protect the customer’s identity by ensuring that no unauthorized accesses…
Key Takeaway: Social Security benefits can be subject to federal income tax: It’s important to understand the tax implications of your Social Security benefits to avoid unexpected tax bills. Requesting tax withholding from your Social Security benefits can help you avoid owing taxes: You can choose to have taxes withheld from your Social Security benefits…
Key Takeaway: Creating a my Social Security Account is the easiest way to find out your Social Security retirement amount. Here you can view your Social Security Statement, which provides an estimate of your retirement benefits based on your earnings history. If you don’t have access to the internet, you can request a paper copy…
Key Takeaway: The Social Security Trust Fund was established in 1935 to provide a source of income for retired and disabled workers in the United States. The U.S. government began borrowing from the Social Security Trust Fund in 1937 to finance various programs and initiatives, with the intent to pay back the borrowed funds later….
Key Takeaway: A Social Security Trace is a tool used to verify an individual’s identity and employment history by cross-referencing their name and Social Security Number with government and commercial databases. A Social Security Trace is important for ensuring accuracy of employment records, which helps employers make informed hiring decisions, and preventing identity theft and…
Key Takeaway: Social Security disability beneficiaries are eligible for Medicare coverage. There is a waiting period before Medicare coverage begins, which is generally 24 months after the onset of disability. Medicare coverage includes options such as Part A: Hospital Insurance, Part B: Medical Insurance, Part C: Medicare Advantage Plans, and Part D: Prescription Drug Coverage….
Key Takeaway: GoFundMe requires your Social Security Number to verify your identity and prevent fraud. This is a legal requirement for fundraising platforms to ensure that funds are not being misused and to comply with tax regulations. By submitting your Social Security Number securely and accurately on GoFundMe, you can help protect yourself and other…