The Social Security benefits are quite important income for millions of retirees, disabled and survivors of beneficiaries all over the United States, and all of these payments as if they were pure gold.
However, this money is not untouchable and there are certain actions that can put payments at risk. Didn’t you know that? Well, yes, there is a possibility that the Social Security Administration (SSA) will decide to suspend the sending of monthly transfers.
Working While You’re in Retirement Could Cut Your Social Security Payments
One of the most common ways to put your Social Security benefits at risk is by working while the SSA is sending you money month by month, especially if you haven’t reached full retirement age (FRA).
If you decide to retire before reaching full age and continue to work, your benefits may be reduced depending on how much you earn. In 2024, for example, if you haven’t reached full retirement age and earn more than $21,240 annually, your benefits will be reduced by $1 for every $2 you exceed this limit.
Once you reach full retirement age, you can earn any amount without having your benefits reduced, but before this, you should always plan carefully and meticulously to avoid unexpected reductions.
If You Don’t Report Changes in Your Income, the SSA Could Penalize You
For those who receive Supplemental Security Income (SSI) or disability benefits, it is mandatory to report any changes in your income. SSI benefits are part of a need-based program, not a work history-based program, so any additional income may affect your eligibility.
If you don’t tell Social Security about new income or changes in your financial situation, you may face a reduction or complete loss of your benefits. In addition, failure to report these changes may result in the obligation to refund excessive payments you have received. Some people who ignore doing the right thing in this case could end up owing thousands of dollars to the SSA, and they can even be claimed in court instances.
Changes in Marital Status Also Alter Your Benefits
Changes in the beneficiary’s marital status may also affect his or her Social Security benefits. For example, if a beneficiary is receiving benefits based on your spouse’s income, and you get divorced, your benefits may change.
Similarly, if you get married or remarry, this can impact the amount of benefits you receive.
You’re obligated to inform the SSA about any changes in your marital status to avoid unexpected interruptions or adjustments in your payments.
Moving Abroad Without Talking to the SSA Can Take away Your Benefits
Living outside the United States can make it difficult to receive your Social Security benefits. Although U.S. citizens can receive payments in many countries, there are restrictions and exceptions.
For example, certain countries, such as Cuba and North Korea, do not allow the direct transfer of Social Security payments. Also, if you’re receiving SSI benefits, you can’t get paid if you’ve been out of the country for more than 30 consecutive days. It is crucial to inform yourself about the specific rules of the country you are planning to move to and notify the Social Security Administration about your change of residence.
Committing Any Fraud Puts Your Social Security Benefits at Risk
Fraud is a serious and direct cause for the loss of Social Security benefits. This may include providing false information when applying for benefits, failing to report changes in your situation that affect your eligibility, or receiving benefits under multiple identities. If the SSA finds that you have committed fraud, not only will you lose your benefits, but you could also face legal penalties, including fines and prison time.
You Must Comply With SSDI Requirements, Strictly
For those who receive Social Security Disability Insurance (SSDI) benefits, it is essential to meet the ongoing medical requirements. The SSA periodically reviews disability cases to make sure beneficiaries still qualify.
If your medical condition improves, and you are no longer considered disabled under Social Security rules, your benefits may be suspended or terminated. Keeping your medical records up to date and attending all scheduled check-ups is crucial to continuing to receive your benefits.
