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Home»Retirement»5 ways you can lose your Social Security benefits
Retirement

5 ways you can lose your Social Security benefits

August 24, 2024No Comments3 Mins Read
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Every eligible American is entitled to Social Security benefits, but there are certain circumstances in which you could lose them. While these situations are rare, it’s important to be aware of them to avoid any potential issues that could jeopardize your benefits.

Here are five scenarios in which you could lose your Social Security benefits:

Reasons for losing Social Security benefits

Approximately 72 million Americans receive Social Security benefits in various forms, such as retirement benefits, spousal benefits, survivors benefits, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI). However, there are specific rules governing how these benefits can be increased, suspended, or terminated if certain conditions are not met.

If your benefits are suspended, there may be ways to reinstate them, but it’s crucial to understand the rules and take appropriate action.

1. Incarceration

If you are convicted of a crime and sentenced to a prison term of more than 30 consecutive days, your Social Security benefits will be suspended. However, benefits for your spouse or children may continue if they are eligible. Benefits can be reinstated the month following your release. For SSI recipients, benefits will also be suspended during incarceration but can resume upon release.

2. Returning to work while receiving disability payments

If you receive disability benefits and return to work, your benefits may be terminated if you earn enough to meet the threshold for “substantial gainful activity.” The monthly earnings limit for 2024 is $1,550 for most individuals and $2,590 for blind beneficiaries. However, there are provisions for a trial work period and the possibility of restarting benefits if your earnings decrease.

3. Improvement in medical condition

If your medical condition improves to the point where you no longer qualify for disability benefits, your payments may be stopped. However, if you enroll in a vocational rehabilitation program, your benefits may continue even if your condition improves.

4. Working during early retirement

If you file for Social Security benefits before reaching full retirement age and continue to work, your benefits may be reduced or eliminated if you earn above certain limits. Once you reach full retirement age, your benefit will be recalculated to account for any withheld benefits due to work.

5. Remarrying

If you remarry, you may lose ex-spousal benefits based on your former spouse’s record. However, if your subsequent marriage ends, you may be eligible to claim benefits on your ex-spouse’s record again.

Conclusion

Understanding the circumstances that could lead to a loss of Social Security benefits is essential for safeguarding your financial security. By staying informed and making informed decisions, you can avoid potential pitfalls and ensure that you receive the benefits you are entitled to. Use tools like Bankrate’s Social Security calculator to estimate your future benefits and plan accordingly.

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