Yikes! Three Ways You Could Lose Your Social Security Benefits

Retirees count on their monthly Social Security benefits. For many it’s their primary source of income. That’s why it’s important to do everything you can to ensure you receive every penny. But did you know that you could lose your Social Security payments if you’re not careful. The U.S. Sun points out three things that could impact how much money you receive:

• Taxes — Depending upon how much you earn, you may need to pay federal taxes on your Social Security income. In addition, 13 states tax Social Security benefits.
• Debt — The government can garnish a portion of your Social Security benefits to pay your debts including federal taxes, alimony, child support or federal student loans.  
• Job — If you are still working after you start claiming Social Security benefits your monthly payments could be reduced.

The Seniors Trust is committed to protecting Social Security for all retirees. It wants Congress to enact the Social Security Expansion Act which will increase benefits, create a strong and long-lasting trust fund, and guarantee every retired worker receives adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA). You can show your support by signing our petition to Congress.