If you’re receiving Social Security benefits or Medicare and have recently moved, your Social Security change of address needs to be high on your priority list.
The Social Security Administration makes it clear how important this is in their publication What You Need to Know When You Get Retirement or Survivors Benefits.
“Even if you receive your benefits by direct deposit, Social Security must have your correct address so we can send letters and other important information to you. We’ll stop your benefits if we can’t contact you.”
Ouch! You don’t want that to happen.
Thankfully, it’s pretty easy and painless to get your address changed. You just have to choose which of these three approaches will work best for you.
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Your Social Security benefits statement has some really important information in it. But where do you find it?
Several years ago the Social Security Administration stopped mailing the annual benefits statement to save cost. Then they started back…but not for everyone. Now, you’ll only receive a statement 3 months before you turn age 25, 30, 35, 40, 45, 50, 55, and 60. After age 60, you should receive a statement every year.
I’m glad they started mailing them again, but for those under age 60 receiving a new Social Security statement every five years in not nearly often enough. Your estimated benefits are most likely changing on an annual basis when your yearly earnings are recorded. If you keep your retirement plan updated annually (and you should), you’ll need these numbers to change your calculations.
So forget waiting on the postal service to deliver this important document. Just use this step-by-step guide and you’ll be looking at your benefits statement in less than two minutes!
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Whatever your age, setting up a my Social Security account is a great idea. Especially if you hate the long lines at the Social Security office! It’s really easy too. From the comfort of your sofa you can go the Social Security sign in page and conduct business that would otherwise require a trip to the SSA office.
Also, the information available in your online Social Security account is critical for sound retirement planning. So if you haven’t already claimed your account, you should today!
Here are a few things you’ll be able to do once you sign up.
If you have already filed for Social Security
-Change your direct deposit
-Get a replacement SSA-1099 or SSA 1042S for tax purposes
-Instantly print a letter wtih proof of your Social Security benefits
-Change your address
-Request a replacement Medicare card (if over 65)
-Check your benefit and payment history
If you have not already filed for Social Security
-Verify your earnings history and then keep track of your yearly earnings
-Get an estimate of your future benefits
-Apply for Social Security benefits
If all of those reasons aren’t enough to convince you to set up your online account today, consider this: For every day that goes by without YOU setting up your online account, your chances increase that someone else will! If for no other reason, do it to keep yourself protected!
How to Set Up Your Online Social Security Account
Setting up your my SSA account is really simple. In fact, I can show you how in 8 super-easy steps.
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The House Committee on Ways and Means has postponed its consideration of the Windfall Elimination Provision (WEP) repeal due to concerns raised by NARFE (The National Active and Retired Federal Employees Association).
At the markup the bill’s sponsor, Committee Chairman Kevin Brady, R-TX, said, “This bill is about getting equal treatment for public servants. However, it has become clear over the past several days that public servants are not in agreement about this legislation. We need the community to come together on what they can all support or the consequence, unfortunately, is to see the current WEP harm people on a daily basis that frankly don’t deserve being harmed. Meanwhile, we will postpone consideration of H.R. 711 until that agreement is found.”
Although this bill is currently at a standstill, it is still notable that this legislation went as far as it did. A first for WEP reform! Since this bill found such widespread support, it is likely that the inevitable replacement bill will have some strong resemblances. If you want to be ahead of the next bill, read the article below for the proposed fix to these strange rules.
The Windfall Elimination Provision (WEP) repeal is now a step closer to reality.
That’s right. If you haven’t already heard, Congress is considering a new way to calculate Social Security benefits for those who have both covered and non-covered earnings. You should watch this closely if you’re a teacher, firefighter, police officer, or other public servant in one of the states that do not participate in Social Security.
The Equal Treatment of Public Servants Act of 2015
Recently, Representatives Kevin Brady (R-TX) and Richard Neal (D-MA) co-sponsored the Equal Treatment of Public Servants Act of 2015 (H.R. 711). This legislation proposes a completely new calculation that is intended to correct the inequality toward public servants in Social Security benefits. If this bill is passed, the WEP formula will be replaced with what’s being called the “Public Servant Fairness Formula” (PSF).
Although this bill was introduced in 2015, it is quickly gaining traction for 2016 action. The House Ways and Means Subcommittee on Social Security held a hearing to discuss this bill on March 22, 2016.
You may be thinking that you’ve heard all this talk about Social Security fairness before. You’re right – it’s been discussed for years. But this measure has a really good chance of passing for three reasons.
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