6 Ways You Could Lose or Reduce Your Social Security Benefits in 2023

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6 Ways You Could Lose or Reduce Your Social Security Benefits in 2023
6 Ways You Could Lose or Reduce Your Social Security Benefits in 2023
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How are you guys? We’re going to go through the main ways that people tend to lose or reduce the amount that they receive from the Social Security Administration Illustration Let’s go through it right now.

Number one, not knowing what programs or benefits are available to you or your kids is the number one reason that people do not get all the money that they potentially could from the Social Security Administration. There are all kinds of Social Security benefits that you can claim that most don’t know about.

All right now. There are examples of things that you could potentially get from the Social Security Administration, such as survivors benefits, auxiliary benefits, retirement benefits, disability benefits, disabled adult child benefits, supplemental Security Income benefits, and widow’s benefits, among many other types of programs that are available. Some people don’t realize how many options there really are, and what I’m going to do in the future is create a topic just for every single type of program that the SSA offers and what the base elements are to be found able to obtain those benefits from that program. Okay. Now, with that said, some of these benefits a lot of you guys also don’t know are stackable with VA benefits.

So it’s just something to keep in mind. As a side note, a pro tip, I’m going to make a topic outlining those, so don’t worry about let’s go on to number two, criminal activity. Criminal activity, including killing the parent or spouse that basically through their benefits would give you disabled adult child benefits or potentially widow’s benefits. A spouse murders their spouse, right? Or survivors benefits if you murder the person that you were going to draw benefits from, the bottom line with this whole thing is that you will be banned from collecting benefits from that person.

Additionally, being a fleeing felon will usually ban you from many benefits of the SSA. Obviously, if you’re a felon, you fleeing the law. Makes sense. Number four, also, if seeking disability benefits, you are barred if your impairment occurred or was made worse during the commission of a felony level crime. Also, if your medical condition occurred or was made worse while imprisoned, then you can be barred from collecting disability benefits.

Now, that last one, they tend to give a little gray wiggle room on because a lot of people get injured or made worse while in prison, especially anxiety, depression, et cetera. Number five, claiming retirement benefits at the wrong time can really, really hurt you when it comes to getting the maximum amount. 62 is early retirement. 66 or 67 is your full retirement age and then 70 years old is the max. There are penalties for taking early.

Taking early means a 6.7% annual benefit cut for the first three years before your full retirement age is 66 67, right? So you get a 6.7% reduction. So think 66 years, 65 years, 64 years old. And if you take it even earlier than that, there’s a 5% reduction per year, something 62, 63 years old, stuff like that. Now, if you wait after your full retirement age and this is number so this is part of the thing, if you wait after your full retirement age to 70, basically 67, 68, 69 to 70, right, you get an 8% boost per year, which is really awesome.

Obviously, the longer you wait, the more you get. If you’re dying soon, take the benefits early. If you are intending to live forever, 70 is the way to go. Number six if you earn too much while receiving benefits, you can lose them. For example, if you earn SGA with disability benefits.

So if you earn more than $1,350 per month in 2022, which will go up in 2023, but if you earn over $1,350, basically in 2022, you are no longer eligible for that month’s worth of disability benefits. Now, there are little side caveats to that, like the nine-month trial work period or the 36-month extended eligibility period. So just keep in mind those are programs you want to learn about as well. How did deb carter? Howdy David smith Feletti.

He’s a movie lyrical. Howdy? Howdy? Excellent. Next thing, number seven if you’re getting retirement benefits and your income is over $25,000 for a single file or 32K for a joint file, then a large portion over 50% to even 85% can be taxed away from you depending on multiple factors, the largest of which being how much you’ve earned.

Additionally, if you earn over a certain amount, they start to take a dollar away from your benefits. For every $2 that you earn, there are just all these little restrictions that can make you lose Social Security benefits. Number eight if your doctor says you are improving, you could potentially lose your Social Security disability benefits in a CDR. CDR is a continuing disability review where they look to see if you still meet the disability requirements for severity, that which you were held to when you were first found disabled. Number nine if you’re doing things that show that you are not disabled, a special CDI unit by the SSA could investigate you, catch you riding horses on the beach and remove your Social Security disability benefits.

So that’s important to know. Number ten additionally, if you threaten someone at the SSA office, they tend to not approve disability benefits and make you do the go around, even if you are bipolar, and make threatening statements to people like law enforcement and family members before you even entered an SSA office and made that threat a go around. Just so you know, means that they make you basically get denied and denied and denied and refile. That’s the go around. The punishment number eleven.

Another very common place where benefits are lost is when a child turns from 17 to 18. And at that point, the SSA begins a CDR review to see if the child meets the medical adult standards for disability benefits. A lot of parents miss their opportunity to go ahead and file all the things they need to and many times the child will lose their disability benefits at that point. Twelve, is another very common way when a disabled person graduates from school, which creates an auto CDR review. This is very common.

This is a very common way for people to lose their disability benefits. Because the moment that you go ahead and graduate from an academic institution, the whole idea is that basically, you have completed the schooling to go and get a job. Education and the obtaining of it in the real world is meant to go ahead and equate to a higher paying job because you now have more skills as a result of the education and as the result of you completing education, they expect that you’re going to go get a job. And if you’re expecting to go get a job, then the bottom line is they expect that you will be able to work and not need Social Security disability benefits. Guys, these are twelve ways.

I know I said six, I always give you more. And yes, if you could go ahead and like subscribe because these topics are basically free with all this information, I would super appreciate it. But as always, I think this is very incredibly important. If you go ahead and leave me a five-star review somewhere like in the link below, I super appreciate it. Now the question I have for you guys, let me know what your thoughts are.

Is this what is the way that you fear the most when it comes to losing your Social Security benefits? Is it losing disability benefits? Is it losing retirement benefits? Is it a full loss? Is it a reduction in benefits?

What do you fear the most? Because that’s the thing we need to change. Guys, I will catch you a little bit later. You have a wonderful night and we’ll go from there. Thanks so much.

Bye bye guys. Bye.

 

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