What to Watch Out For so You Don’t Lose Your Social Security Benefits

Many people mistakenly think they have paid their taxes and, after they retire, they are owed their Social Security benefits. That’s true to a certain extent. There are circumstances that could cause you to lose or reduce your benefits. It’s pretty well known that continuing to work after you start collecting Social Security can impact your benefit check, and so can the age at which you file for Social Security.

But, as Fedsmith.com pointed out, your benefits can also be reduced if you owe government debt (ie: SBA loans, overdue taxes, etc.) or you owe child support or alimony. In those cases, money can be withdrawn directly from your Social Security.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.