By Hillary Hatch, Social Security Public Affairs Specialist
Questions and Answers
Question:
I’m trying to figure out how much I need to save for my retirement. Does the government offer any help with financial education?
Answer:
Yes. The Financial Literacy and Education Commission has a website that can help you with the basics of financial education: www.mymoney.gov. You may also want to check out the Consumer Financial Protection Bureau, which offers educational information on financial matters, including mortgages, credit cards, retirement, and other big decisions. Visit the Consumer Financial Protection Bureau at www.consumerfinance.gov. Finally, if you have a personal my Social Security account, you can get an estimate of your personal retirement benefits and see the effects of different ages to begin receiving retirement benefits. If you don’t have a personal my Social Security account, create one at www.ssa.gov/myaccount.
Question:
How can I get a copy of my Social Security Statement?
Answer:
You can get your personal Social Security Statement (Statement)online by using your personal my Social Security account. If you don’t yet have an account, you can easily create one on our website. Your online Statement gives you secure and convenient access to your recent earnings records. It also shows estimates for retirement, disability, and survivors benefits you and your family may be eligible for.
To set up or use your account to get your online Social Security Statement, go to www.ssa.gov/myaccount.
We also mail Statements to workers age 60 and over who aren’t receiving Social Security benefits and do not yet have a personal my Social Security account. We mail the Statements 3 months prior to your birthday.
Question:
A few years ago, I lost my Social Security card. Now my credit report shows that someone might be using my Social Security number. I’m afraid they might ruin my credit. What should I do?
Answer:
Identity theft and fraud are serious problems, not just for you, but for the financial integrity of our agency. It’s against the law to use someone else’s Social Security number, give false information when applying for a number, or alter, buy, or sell Social Security cards. Keep in mind, you should never carry your Social Security card with you. If you think someone is using your Social Security number fraudulently, you should report it to the Federal Trade Commission (FTC) right away. You can report it at www.idtheft.gov or you can call FTC’s hotline at 1-877-IDTHEFT (1-877-438-4261) TTY (1-866-653-4261).
Question:
I got an email that says it’s from Social Security, but I’m not so sure. They want me to reply with my Social Security number, date of birth, and mother’s maiden name for “verification.” Did it really come from Social Security?
Answer:
No. Social Security will only send you an email if you have subscribed to receive them and only in limited situations. We will never send you an email asking you to share your personal information, such as your Social Security number, date of birth, or other private information. Beware of such scams — they’re after your information so they can use it for their own benefit. When in doubt, or if you have any questions about correspondence you receive from Social Security, contact your local Social Security office, or call us at 1-800-772-1213 (TTY 1-800-325-0778) to see whether we really need any information from you.
Question:
I’m creating my budget for next year. How much will my benefit increase at the beginning of the year?
Answer:
The annual cost-of-living adjustment (COLA) is tied to the Consumer Price Index (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics. In the years when a COLA is due, you will receive your COLA starting in January. COLA notices are mailed in December. If you have a my Social Security account, you can get your new benefit amount before it arrives in the mail. Please visit our website at www.ssa.gov/OACT/COLA/latestCOLA.html to see if a COLA is in effect for this year.
Question:
I usually get my benefit payment on the first of the month. But what if the first falls on a Saturday, Sunday, or holiday? Will my payment be late?
Answer:
Just the opposite. Your payment should arrive early. For example, if you usually get your payment on the first of a month, but it falls on a weekend or legal holiday, we will send payments on the business day prior to the due date. You can find the payment schedules at www.ssa.gov/pubs/calendar.htm. Any time you don’t receive a payment, be sure to wait 3 days before calling to report it missing. To ensure that your payments go to the right place, create a personal my Social Security account. There, you can verify and manage your benefits without calling or visiting an office. Please visit www.ssa.gov/myaccount to create your account.
Hillary Hatch is the Public Affairs Specialist for West Michigan. You can write her c/o Social Security Administration, 3045 Knapp NE, Grand Rapids MI 49525 or via email at hillary.hatch@ssa.gov