Discover 3 Unexpected Ways You Can Lose Your Social Security Benefits
Unexpected Ways to Lose Social Security Benefits
Social Security benefits can be a financial lifeline for retirees, but there are unexpected ways to lose them. Here are three critical factors that could impact your benefits:
1. Application Withdrawal
You have the option to withdraw your Social Security application within 12 months of applying. If you choose to do this, you must repay all benefits received, effectively voiding the application.
2. Suspending Benefits
By suspending your Social Security benefits, you may increase your future payment amounts; however, this comes with the risk of losing the benefits you need today.
3. Earnings Limits
If you exceed certain income thresholds while collecting benefits before full retirement age, you could lose a portion of your benefits. Understanding these limits is crucial for maintaining your financial stability.
Be proactive in managing your Social Security benefits to ensure that you do not fall victim to these unexpected risks.
For more insights on how to protect your financial future, consider visiting reputable financial advice sources.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.