Two Questions about Social Security
Retirement FundingTwo important question regarding Social Security
- What happens if I can't find my Social Security card?
- What can I do if I change my mind about taking Social Security benefits?
As more individuals approach the age of relying on Social Security, I thought it might be important to address these two topics:
What happens when your Social Security card goes missing or gets stolen?
For many, a Social Security card is an important document, often kept in a safe place with other key documents like a birth certificate.
The potential risks to your identity and finances are real, as thieves can use your Social Security number to wreak havoc in numerous ways—from opening fraudulent credit accounts to committing medical identity theft. If this happens to you, the Social Security Administration has outlined several steps that you may want to consider.How to Replace a Lost or Stolen Social Security Card
The financial world has largely gone digital, but there are still risks to losing your physical Social Security card. Losing this card can pose a risk to your identity and finances, as thieves can potentially use the information to open credit card accounts or loans, access existing accounts, commit medical identity theft, or even apply for government benefits.
Contact the SSA
So, what should you do if your card is lost or stolen? If you believe your personal information could be misused, consider putting a fraud alert or security freeze on your credit report.
Second, you can contact the Social Security Administration for a replacement card using Form SS-5. You’ll need to have proof of citizenship and other documentation on hand. You may be able to get a replacement online, but if not, you may need an appointment at a local Social Security Administration office.1
Even after taking these steps, stay vigilant! Keep a close eye on your financial accounts and credit reports. The earlier you catch any signs of identity theft, the more damage you can potentially prevent.What to Do if you Change Your Mind About Taking Social Security Benefits
Here’s a fact not everyone knows: sometimes people regret taking Social Security too soon! If that includes you (or could be you), you might not be out of options. Together, we’ll review the steps necessary to withdraw your Social Security application and explain why you might want to consider such a big step.
Did you know that if it’s been less than 12 months since you started receiving Social Security benefits, you can withdraw your application?
It may be a consideration for those who change their minds about their retirement timing or want to put off Social Security benefits in exchange for a higher future monthly benefit amount. For example, if you receive an unexpected financial windfall, you might want to put off your claim for the time being.
Here’s how it works:2
- Withdraw Your Application: Fill out Form SSA-521 and submit it to the Social Security Administration.
- Repay Benefits: This will include both Social Security benefits and any Medicare premiums deducted.
- Reapply at Later Date: After reviewing your current situation, you can reapply at a later date when you've had the time to factor in your new life circumstances.
If you’re considering taking Social Security benefits, it’s good to know you have 12 months to revisit the decision. If you’ve already decided (and regret it!), you may still be within the window to change your mind.
Here’s more good news–you’re not on the hook to make this decision alone! Don't hesitate to reach out with any thoughts or questions.