A recent audit completed by the Social Security office of The Inspector General found that an estimated 15,076 retirement beneficiaries were entitled to an additional $193.8 million in widow(er)’s benefits. Over their forecasted lifetimes, they would lose out on another $530 million in widow(er)’s benefits if corrections were not made.
The best way for workers to regularly obtain and review their benefit information now is to sign up online through the Social Security Administration directly. Annual updates to your benefit estimates are available for your review approximately three months prior to your birth date.
On occasion, clients will ask about the safety of their social security benefits—will it be there, how much will they receive, etc. These are all good questions; particularly when you consider that the $3.44 trillion collected in taxes last year was not enough to pay the $4.4 trillion in costs. Note the 2019 Federal Budget […]