Over the next 20 years, an average of 10,000 baby boomers a day will apply for Social Security:
In an odd quirk, Social Security finally acknowledged in early August that a glitch caused the agency to send out some incorrect"On Request" paper statements. The troubled reports were triggered if you asked for information on your Social Security account via a paper form, known as an SSA-7004.
Social Security said a coding issue caused errors on a very small number of the"On Request" statements that were issued since 2017. Hinkle said the statements displayed the correct estimated benefit amounts but the mistakes were made when the projected benefits were applied to incorrect ages at which the person would receive them.
And frankly, we likely wouldn't even know about this mess if it weren't for a Social Security gadfly who rang the alarm bells.
Laurence Kotlikoff, professor of economics at Boston University, wrote in a June 25 column in Forbes:"I’ve learned that Social Security is providing benefit statements that are flat out incorrect."
The figure for claiming at age 62, for example, was nearly as good as the dollar amount you'd get for waiting to claim at full retirement age – which was age 66 and four months in this person's case. It doesn't work that way.
With those kind of numbers – which are clearly wrong – why bother waiting beyond age 62 to a few months past 66?
But he said the client's retirement benefit at age 62 could not be 97.7% of the amount offered at the full retirement age, he said.
"Social Security has pulled lots of whoppers over the years," said Kotlikoff, a longtime critic.
Here's when you can get full Social Security benefits
"We were alerted that there might be a problem with some of the information on some statements," Social Security said in its email.
Social Security said the mistakes were isolated to On Request Statements that were requested by people who:
Indicated on the SSA-7004 that they planned to stop working at age 66.
"I don't understand how this happened because it's a uniform report," Kotlikoff said.
To be sure, most people aren't getting their statements via paper requests. Even so, you want to realize that mistakes can happen and pay attention along the way.
Social Security prefers that people create a my Social Security account at www.ssa.gov/myaccount to view and print a personalized statement.
Eskovitz said you want to make sure that you check your earnings history regularly while you're working so that you can correct any mistakes early in the process.
AARP, for example, has its own resource center at www.aarp.org/SocialSecurity.
Another online product called Maximize My Social Security, which is marketed by Kotlikoff, costs $40 a year for households. The website also offers a way to ask questions about Social Security called"Ask Larry." The site also lists some questions and answers given to other consumers.
The Federal Trade Commission has seen a dramatic increase in reports from consumers that fraudsters are calling to say their Social Security numbers are connected to a crime and their bank accounts will be frozen or seized.
The call might even look like it's from Social Security on your caller ID. Don't fall for it.
313-222-8876 or firstname.lastname@example.org. Follow her on TwitterRead more: USA TODAY
Nothing but IOUs in our SS accounts. yes with the aging population in canada we cannot have immigrants come in who are not financially self sufficient.. Get rid of the salary cap. This should increase revenues to the SS fund. We paid our way... Don't pull the plug on us so it can be given away to someone who didn't.
Because they are robbing it to pay for Medicaid of the Illegals Just another reason to appreciate undocumented workers...
Income Inequality Is The Party Spoiler As Social Security Turns 84Growing economic uncertainty has raised the importance of Social Security's benefits for middle-class families, but hurt the program's finances at the same time. It’s been quite some time since I’ve seen an article from you espousing putting the US$ back on Gold standard...
Tiffany Young Makes Her Debut on the Social 50 ChartTiffany Young had a major week celebrating her birthday and releasing a new single 'Magnetic Moon' leading to her Social 50 chart debut. tiffanyyoung My queen! I'm so proud of her 💖 tiffanyyoung THE LEGEND YOU ARE MISS YOUNG OH MY GOD IM SO HAPPY AND SO PROUD OF YOU!!! THIS IS ONLY THE BEGINNING QUEEN 💓 tiffanyyoung Well deserved!
Opinion | Social Media and Hawley’s FollyFrom WSJopinion: Missouri Sen. Josh Hawley’s style of heavy-handed regulation is what killed Detroit, distracted phone companies, inflated health-care costs, and wrecked education. Don’t let it kneecap the internet, writes andykessler. opinion andykessler Sure, buddy. Not greed from the giant towers. Regulation. Andy Kessler thinks if the age of consent didn't exist, America would be a better place. He's a pervert. opinion andykessler Yup. He right opinion andykessler No Detroit was killed by decades of disastrous trade policies resulting in the the bulk of US manufacturing being shipped to other countries. All these countries, Japan, Germany, China, have MORE government control over the economy than we do.
Addicted to tech and social media: Here's how to crack the habitMoreover, we all hold hands more with phones than a life partner. Alexa is my life partner. I don't ask my life partner to turn on NPR 10 times a day.
‘Netiquette’ tips for responding to death and grief on social mediaNot everyone wants to learn about the death of a loved one on Facebook. Here are some common sense rules.
RS Charts: Ariana Grande and Social House’s ‘Boyfriend’ Is Number One on Top 100RSCharts: ArianaGrande and Social House’s 'Boyfriend' is Number One on the Rolling Stone Top 100 chart ArianaToday ArianaGrande Yes 😍😍 ArianaToday ArianaGrande outsold the billboard chart ArianaGrande I have a feeling this is the next Billboard 1