How You Can Lose Your Social Security Benefits
(By – Hal M. Bundrick, CFP, www.thestreet.com)
Social Security is a safety net for millions of Americans, either for retirement, disability or for the survivors of a qualified deceased family member. But there are situations when those benefits can be cut off or curtailed. Owing the government money – even for student loans – is one trigger.
While commercial creditors can’t garnish Social Security benefits, the IRS can take a 15% levy to satisfy a delinquent tax debt. And student loan debt – no matter how long ago you went to school – can put your Social Security benefits at risk. Other government agencies can also tap Social Security to resolve debts, including for federally-backed home loans, as well as unpaid child support and alimony. Read more…