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 Before I answer this question, here are two very important reminders (when it comes to your retirement money)...
You don't ask the IRS to help you pay the lowest taxes possible, and you shouldn't rely on the Social Security Administration (SSA) to ensure you receive the maximum benefits.
I've heard many anecdotal reports over the years from readers and financial advisors about Social Security representatives giving incorrect answers or different reps giving different answers to the same question.
But reports over the years from the Inspector General (IG) of the Social Security Administration are more detailed and revealing about the shortcomings at the agency.
Several new reports were issued in late 2020. A report from the Inspector General issued in December was divided into several sections.
One section was devoted to a study of how well the SSA followed its policy of locating and contacting individuals or estates who likely are entitled to benefits through the earnings of a recently deceased beneficiary. Social Security Administration policy is that its staff must try to locate and contact such relatives and estates.
The Inspector General reviewed a sample of cases and determined that the Social Security Administration made no attempt to locate or contact the relatives or estates of deceased beneficiaries in most cases.
The latest report found that, most of the time, the Social Security Administration made no attempt to contact beneficiaries who were under-paid.
Most of those underpaid received no notice from the agency and had no idea they were being underpaid.
Two additional reports were issued by the Inspector General in November.
One report focused on individuals who claimed retirement benefits before full retirement age, while the other studied surviving spouses whose benefits were offset by government pensions.
When someone receives retirement benefits before full retirement age but continues to earn income from working, the monthly benefits are reduced if the earned income exceeds certain levels.
But once the beneficiary reaches full retirement age, the monthly Social Security benefits are supposed to be increased to restore the benefits that were reduced in earlier years.
The Inspector General found that the monthly benefits were not adjusted properly for more than half the beneficiaries whose cases they studied. | | | Before the Covid-19 pandemic, Social Security was already in deep trouble.
If nothing was done, it was on track to potentially slash benefits by up to 25%.
Yet now the situation is far worse. Because of Covid, government deficits are topping $3.3 trillion – and tens of millions of workers and businesses are no longer paying into the Social Security system.
One Marketwatch economist even reports, "coronavirus may deal the final blow to Social Security and Medicare."
That's why it's vital that you take steps right away to make sure your Social Security benefits and other sources of retirement income are protected.
Click the link below to find out how. CLICK HERE... | | | Sometimes the Social Security Administration overpaid the beneficiaries. Other times, the beneficiaries were underpaid.
It also found a large group of beneficiaries whose benefits weren't adjusted at all after they reached full retirement age.
For the surviving spouses whose benefits were reduced because they earned government pensions, the Inspector General found many of these beneficiaries weren't properly advised by the Social Security Administration.
The reduction from receiving a government pension would be less in many cases if a surviving spouse delayed claiming the survivor's benefits for a few years. Social Security Administration policy is that reps are supposed to advise the surviving spouses of the advantages of delaying a claim for benefits.
But the Inspector General found this usually wasn't done.
The surviving spouses received lower (or no) benefits because they weren't accurately advised of the best choices for them.
I don't blame the Social Security Administration employees. Social Security is a complicated system written primarily by lawyers and Ph.Ds.
It takes a lot of study and training to learn key details of the program.
In addition, the agency is operating with outdated technology that makes it difficult for the reps to access the information they need and make accurate calculations of benefits.
The Inspector General reports make clear that you need to carefully review your Social Security claiming options and seek good information from other sources.
So it bears repeating... Know how you want to claim benefits before you contact anyone at Social Security.
That's one thing I learned when researching my soon-to-be-released book, "Where's My Money: Secrets to Getting the Most out of Your Social Security." It's a good way to learn which benefits are available to you and how to maximize your benefits, and I'll show you how you can get a free hardcover copy in upcoming editions of Retirement Watch Weekly. | | To a better retirement,
Bob Carlson
Editor, Retirement Watch Weekly | | | P.S. I've been helping retirees collect what I've been calling a "Second Social Security" check for over 20 years now. How can this be possible, you ask? I'll explain exactly how you can get a guaranteed monthly payout, which can last the rest of your life. Click here now for instructions. | | | Do you know how to tell before the bottom drops out of the market? In this brand new, FREE, e-book, you'll learn five tips, tools, and strategies that can keep you from costly losses during dips and corrections... and save your account before a meltdown.
Get the full story by downloading Five Tips for Overcoming Market Volatility. Because not only will these strategies let you sleep soundly at night... they will keep your money growing while they're protecting it! CLICK HERE... | | | About Bob Carlson:
 Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. | | | | | |
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