Reporting Changes to Social Security is Your Responsibility

If you receive benefits from Social Security, you have a legal obligation to report changes, which could affect your eligibility for disability, retirement, and Supplemental Security Income (SSI) benefits.  You must report any changes that may affect your benefits immediately, no later than 10 days after the end of the month in which the change occurred.  Changes you need to report range from a change of address to traveling outside the United States for 30 consecutive days.

Life changes affect your benefits.  You may be due additional payments, or you may be overpaid and have to pay Social Security back because you didn’t report the overpayment promptly. The SSI program may apply a penalty that will reduce your benefits if you fail to report a change, or if you reported the change later than 10 days after the end of the month in which the change occurred.  If you fail to report changes promptly, or if you intentionally make a false statement, Social Security may stop your SSI, disability, and retirement benefits.  Social Security may also impose a sanction against your payments.  The first sanction is a loss of all payments for six months.  Subsequent sanctions are for 12 and 24 months.

Report your change online at www.socialsecurity.gov, or by calling toll free at 1-800-772-1213.  If you are deaf or hearing impaired call TTY 1-800-325-0778.  Mail the information to your Social Security office or deliver in person.  If you receive benefits and need to change your address or direct deposit, create a Social Security account at www.socialsecurity.gov/myaccount.

For more information click here.

Teaching Suggestions

  • Ask students to visit http://www.socialsecurity.gov and to create their own online Social Security account. There is no fee to create a “my Social Security” account, but students must have a valid e-mail address.
  • Ask students to sign into their “my Social Security” account and obtain their benefit verification letter.

Discussion Questions

  1. Why is it important to report life changes to Social Security if you receive any benefits from Social Security?
  2. What are the consequences if you fail to report changes promptly?

What are several ways you can report the life changes to Social Security Administration?

Ticket to Work Program

What is the Ticket to Work Program?

Social Security’s Ticket to Work program supports career development for Social Security disability beneficiaries age 18 through 64 who want to work.  The Ticket program is free and voluntary and it helps people with disabilities progress toward financial independence.

The Ticket program is a good fit for people who want to improve their earning potential and are committed to preparing for long-term success in the workforce.  Ticket to Work offers beneficiaries with disabilities access to meaningful employment with the assistance of Ticket to Work employment service providers called employment networks.  If you are ready to go to work, there are people ready and waiting to help you.

For more information, click here.

Teaching Suggestions

  • Ask students if they know someone who is disabled. Is he/she receiving any benefits from Social Security?  Have they heard of the Ticket to Work program?
  • Earning a living through employment is not something everyone can do. How does one decide whether to seek help from Ticket to Work service providers?

Discussion Questions:

  1. People are more likely to lose their incomes due to disability than death. How does the Social Security Administration define disability to qualify for benefits?
  2. More than 80 percent of working Americans don‘t have disability income insurance or are not covered adequately.  How can Ticket to Work program help these people?

Retirement Can’t Wait

A few decades ago, Americans had a pretty solid three-legged retirement stool.  Social Security and personal savings combined with traditional pensions led to good middle-class retirements for millions.  But today’s stool is a little too wobbly to support that lifestyle for coming generations of workers and retirees.  The Great Recession shows all of us just how vulnerable 401(k) type plans and IRAs can be, and with the savings rates dangerously low, the need to strengthen the system is clear.  Today, workers are largely responsible for their own retirement investments.  The days of a defined benefit pension that you couldn’t outlive are a thing of the past.  Today, we have to take greater ownership for starting our savings, managing and then figuring out how much to draw in retirement.

Most workers need advice on how to invest their 401(k) and IRA savings.  Too often, that advice is not delivered in the customer’s best interest.  The Labor Department is working with the financial services industry, consumer groups and Members of Congress to come up with a plan that protects retirement savings from financial conflicts of interest.

For more information, click here.

Teaching Suggestions

  • Ask students to analyze their current assets and liabilities for retirement planning.
  • Will your students’ spending patterns change during retirement?
  • What are the basic steps in retirement planning?

Discussion Questions

  1. Why is retirement planning so important for today’s workers?
  2. Can you depend on Social Security and your company pension to pay for your basic living expenses in retirement? Why or why not?
  3. Why is it important to start early for a secure retirement?