Many retirees who have their Social Security pension benefit may lose money during the time they receive it. This does not happen to everyone, but it can happen to many people. That’s why it’s good to know all the details, so we won’t have problems when collecting our Social Security pension. In some cases, losses can be as high as $25,000 during the pensioner’s lifetime. Social Security does not fix all of this, so we must be very careful not to lose money.
For this type of situation you should seek a financial advisor. Thanks to this financial advisor you can claim this amount of money from Social Security in case you have lost it. It is always better to have a financial advisor to benefit us with these issues, since he will know a lot about the situation. In addition, he/she will know the necessary strategies to claim to Social Security.
This loss of money affects, mainly, certain pensioners who at some point worked at the same time they were receiving the Social Security benefit. If you are in this case and you see that the organization has reduced your benefit, you can claim to receive part of the money you are entitled to in the future.
Retirees lose Social Security benefits: the reasons why
All retirees who applied for the Government Pension Offset(GPO) who claimed Social Security benefits for their spouse before full retirement may be in trouble. These individuals may be receiving far less money than they deserve, so it is important to seek an advisor and consult all the facts of the situation.
Undesirable situations occurred within Social Security during 2019. The Office of the Inspector General did an audit at Social Security and discovered that the agency had mishandled several errands due to incomplete or inaccurate advice. This resulted in some seniors receiving no more than $25,000 on average.
What can you do to reclaim your money?
The first thing we need to do is go to an advisor with all of our documents to be sure that Social Security owes us money. An advisor can help us to find out all the information. If you are a pensioner subject to the Government Pension Offset it is very likely that this situation is real.
On the other hand, if you are a spouse of a pensioner and you have decided to also claim your retirement benefit before the Social Security FRA, you may lose a total of $25,000 over your retirement years. No matter which of the two situations you have, we should always go to a local office to ask about the necessary documents and hire an advisor to help us with the paperwork.
