Key Takeaway: It is important to notify Social Security when you turn 65 in order to receive your benefits on time. Failing to do so may result in delayed or missed benefits. Turning 65 makes you eligible for Social Security benefits and Medicare enrollment. It is important to understand the benefits and enrollment process to…
Key Takeaway: Social Security credits determine eligibility for Social Security benefits: Social Security credits are earned by working and paying Social Security taxes, and they determine eligibility for retirement, disability, and survivor benefits. Earning Social Security credits requires a certain amount of income: A person can earn up to four credits per year, based on…
Key Takeaway: The Social Security Number (SSN) is a crucial element in savings bonds ownership, and it matters whose SSN is on a savings bond. The name and SSN on a savings bond determine the bond’s legal owner, and only the owner can redeem or cash in the bond at maturity or before. SSNs also…
Image credits: retiregenz.com by Yuval Woodhock Consequences of Not Reporting Marriage to Social Security Marriage is a significant life event, and it is crucial to inform the Social Security Administration (SSA) to ensure that you receive the appropriate benefits. Neglecting to report marriage to the SSA can have several consequences. Failure to report your marriage…
Key Takeaway: Non-medical criteria for Social Security refers to the eligibility requirements based on factors other than medical condition, such as income, citizenship status, and employment status. Income and resources are some of the non-medical criteria considered by Social Security. The amount of income and resources can affect eligibility for certain programs and the amount…
Key Takeaways: Social Security is a vital program that provides financial support to retired, disabled, and widowed Americans based on their lifetime earnings. As the population ages, the future of Social Security has become a topic of concern for many Americans. Candidate A believes in protecting Social Security by increasing taxes on the wealthy and…
Key Takeaway: The Baby Boom generation has a significant impact on Social Security due to their large population size and longer life expectancy, leading to increased demand for benefits and strain on funding. The economic consequences of the Baby Boom include a decrease in the ratio of contributors to beneficiaries, resulting in a potential funding…
Key Takeaway: Identity theft can cause your social security number to be frozen, so it’s important to take steps to prevent it from happening in the first place. If your social security number is frozen, contact the credit bureaus to place a fraud alert and unfreeze it. You should also contact the FTC to file…
Key Takeaway: There are alternative identification documents that can be used to apply for a Cash App card without a social security number. These documents may include a passport or a driver’s license. Another option is to apply for an Individual Taxpayer Identification Number (ITIN) through the Internal Revenue Service. This can be used in…
Key Takeaway: Social Security payment amount is calculated based on your average indexed monthly earnings (AIME) and primary insurance amount (PIA). Understanding these factors is important when assessing your Social Security benefits eligibility and payment amount. Factors that can affect your Social Security payment amount include your income history, retirement age, and marital status among…
Key Takeaway: The US Treasury 303 Social Security Deposit is a direct deposit made by the US Department of Treasury to individuals who receive social security, railroad retirement, or certain other federal benefits. Individuals can identify the US Treasury 303 Social Security Deposit by checking their bank statement for “FSA Treas 310” or “Federal Benefit…
Image credits: retiregenz.com by Joel Arnold Contact the lender and the credit bureaus When you discover that someone has fraudulently used your social security number to obtain a loan, it is crucial to reach out to the lender and credit bureaus immediately. Notify them of the fraudulent activity and request that they freeze your credit…