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YOUR SOCIAL SECURITY | Rock Island, Illinois Office

By Cristina Vital
Social Security Manager
Rock Island Social Security Office

CORRECTING THE RECORD ABOUT SOCIAL SECURITY DIRECT DEPOSIT AND TELEPHONE SERVICES

Recent reports in the media that Social Security plans to eliminate telephone services are inaccurate. SSA is increasing its protection for America’s seniors and other beneficiaries by eliminating the risk of fraud associated with changing bank account information by telephone.

SSA continuously investigates and analyzes potential threats to strengthen and secure our programs and protect people who receive benefits. Approximately 40 percent of Social Security direct deposit fraud is associated with someone calling SSA to change direct deposit bank information. SSA’s current protocol of simply asking identifying questions by telephone is no longer enough to prevent fraud.

If someone needs to change their bank account information on SSA’s record, they will need to either:

• Use two-factor authentication with SSA’s “my Social Security” service; or
• Visit a local Social Security office to prove their identity.

These methods align with most major banks. All other SSA telephone services remain unchanged.

REPRESENTATIVE PAYEES HELP YOU MANAGE YOUR SOCIAL SECURITY

Some people who receive monthly Social Security benefits or Supplemental Security Income (SSI) payments may need help managing their money. When we receive information that indicates you need help, we’ll work with you to find the most suitable representative payee to manage your benefits. A representative payee is someone who receives your monthly benefit payment on your behalf and must use the money to pay for your current needs, including:

• Food
• Clothing
• Personal care items.
• Housing and utilities.
• Medical and dental expenses.
• Rehabilitation expenses (if you have a disability).

If you need help managing your benefits, tell a Social Security representative that there is someone you want to be your representative payee. Your representative payee should be someone you trust and interact with often, and who clearly understands your needs. Social service agencies, nursing homes, or other organizations are also qualified to be a representative payee. Ask them to contact us.

You can write to us within 60 days of being assigned a representative payee if you don’t agree that you need one or if you want a different representative payee.

We also offer Advance Designation, which allows you to name up to three people who could serve as a representative payee for you if the need ever arises. There may come a time when you can no longer make your own financial decisions. You and your family will have peace of mind knowing that someone you trust may be appointed to manage your benefits for you.

You can submit your Advance Designation request when you apply for benefits or after you are already receiving benefits. You may also do so through your personal my Social Security account at www.ssa.gov/myaccount or by calling and speaking to a Social Security representative.

You can find more information at www.ssa.gov/payee.

HOW BUSINESS OWNERS CAN MAKE SOCIAL SECURITY PART OF THEIR RETIREMENT PLANNING

Most business owners are focused on growing their business and legacy. But at some point, they must consider a plan for retirement. That’s why it’s important for business owners to begin thinking about how Social Security fits into their retirement planning. Social Security benefits are part of the retirement plan of almost every American worker – including business owners.

Since there are specific rules for business owners, they should speak with a financial advisor or accountant before applying for benefits. One of the biggest mistakes some business owners make – aside from starting retirement planning too late – is not having a plan at all. This is where a financial expert can give advice on how to prepare for retirement.

Business owners can use their personal my Social Security account at www.ssa.gov/myaccount to determine eligibility for retirement benefits as well as get a benefit estimate. Our publication, If You Are Self-Employed, at www.ssa.gov/pubs/EN-05-10022.pdf, provides important information about Social Security taxes for business owners as well as how to report earnings. Don’t delay, start your retirement planning today! For more information visit our Plan for Retirement webpage at www.ssa.gov/prepare/plan-retirement.

Please share this information with your loved ones.