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What SSA Doesn’t Tell You Can Hurt You
It’s been the subject of quite a few news reports in the past, and here it is again…the SSA’s Office of the Inspector General (OIG) just released an audit showing poor performance in notifying widows and widowers about their retirement benefit options. This paragraph, excerpted from a post on www.nbc-2.com, puts a fine point on these observations: “Out of a random sample of 50 current beneficiaries, the OIG found that a surprising 82% would have been able to receive a higher monthly benefit amount by employing the above strategy. Extended to all such beneficiaries, OIG estimated that SSA underpaid 9,224 beneficiaries by a collective $131.8 million and another 1,899 beneficiaries will be underpaid by a collective $9.8 million per year when they reach age 70.” Read the post here…
While you’re thinking about this subject, note that the AMAC Foundation offers a free-to-the-public service to help anyone having questions about their Social Security options. Learn more about this service via the Foundation’s website.