Four Ways You Can Lose Your Social Security Benefits That You Must Know
Four Risks That Could Jeopardize Your Social Security Benefits
Many people rely on Social Security benefits, but there are several ways you could lose them. Understanding these risks can prevent financial burdens in retirement.
1. Failing to Earn Enough Work Credits
To qualify for Social Security, you need to accumulate enough work credits. Failing to do so means you might not receive benefits.
2. Employment After Retirement
Working while receiving Social Security can impact your benefits. If you earn above the set income threshold, your benefits may be reduced.
3. Misreporting Income
Accurate income reporting is essential. Misreporting can lead to penalties and potential loss of benefits.
4. Co-Habitating with a Non-Spouse
If you live with a partner without being married, it may influence your Social Security benefits, especially for specific claims like survivor benefits.
Ultimately, awareness and compliance are crucial. Missteps in these areas can impact your financial stability.
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.