If you want to receive Social Security benefits when you retire, you must pay attention to meet the requirements and even be able to enjoy the maximum benefits of $4,555 per month, but it is also important that you take into account that you may not receive them and there are three reasons why you could lose it.
And not all workers are eligible to receive Social Security benefits at retirement, which is why in this article we will explain the reasons why you could lose them.
So if you plan to live and depend only on your retirement payment you must take into account the reasons why you could lose the benefit and not put the benefit at risk.
Why can you lose your Social Security benefit?
There are three most common reasons that would make you lose Social Security benefits in your golden years, since the federal government has its own rules and regulations that you must follow because when you want to claim them you could be surprised and not qualify. .
Not working hard enough
Although you can retire at age 62, you must take into account that in order to obtain maximum Social Security benefits you must work for at least 35 years.
The important thing to obtain the benefits, even if they are not the maximum, is to reach 40 credits. A worker can obtain up to four credits a year.
So, doing the math, a person must work 10 years to qualify for retirement benefits.
In this 2023, a credit will be obtained for each $1,640 dollars in wages or work income on behalf of the worker.
Having debts
Before you reach retirement age and claim benefits and have debt, you are at risk of losing them.
Since the government can use the resources of your benefits to pay off the debts you have outstanding, such as student loans.
Similarly, if you have tax debts, the government can also take 15% of your benefits to settle those payments.
change place of residence
Another factor why You can lose your Social Security benefits if you change your residence outside the United States, since there are countries in which sending your retirement does not apply.
For example, the Social Security Administration does not allow benefits to be sent to Cuba nor to North Korea, But there are other countries, mainly Asian, where payments cannot be sent to retirees either.
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