Understandably, many Americans are worried about their retirement finances. Will Social Security be there when they need it? Beck, Lenox & Stolzer Estate Planning and Elder Law generally doesn’t provide counsel to families on how to protect Social Security benefits, but we like to pass along solid advice from reputable sources. The best approach for protection is one of preparation, advises a recent Go Banking article titled “4 Things To Do Right Now To Safeguard Your Social Security.”
Check earnings records using your Social Security Administration Account. This is an easy step. Log in to your SSA account to verify each year’s wages. If there’s an error, contact SSA to request a change. Any mistakes could mean you’re not getting your full benefits.
Watch out for Full Retirement Age Mistakes and Medicare Penalties. Know your Full Retirement Age (FRA) by checking the SSA website. If you’re like most people looking at retirement now and were born in 1960 or later, your FRA may be 67. Check the site to be sure. Retiring at age 62 rather than when you reach FRA can have a significant impact on your monthly benefits.
Retirement means Medicare should be part of your planning. Most people are eligible to sign up three months before their 65th birthday and three months after turning 65. These are considered your initial enrollment periods. If you miss these two windows, you will have to wait to sign up for coverage, and you might have a monthly late enrollment penalty for as long as you have Part B coverage. These are expensive, long-term mistakes to avoid at all costs!
Scammers are Waiting for Your Social Security Benefits. Scammers today target seniors in all directions—by phone, email, text and letter. They may claim to be government representatives or employees of Social Security or the IRS. These agencies do not call, do not threaten and do not accept payment via gift cards. Hang up, delete, or end any conversations immediately and contact the SSA, your bank, or the institution concerned, using a verified, publicly listed number to protect your finances.
What’s the Difference Between a Representative Payee and a Power of Attorney? More than eight million Americans receiving SS benefits or Supplemental Security Income (SSI) payments require help with managing their money. The SSA must appoint the person helping you as a Representative Payee. This is the only way they can receive payments. Everyone should have a current Power of Attorney document. However, it is not applicable for SS purposes.
Retirement Means Updating Your Estate Plan. Having an estate plan prepared by an experienced estate planning attorney can provide an additional layer of protection against scammers. With a Financial Power of Attorney and Healthcare Proxy (Healthcare Power of Attorney), the people you want can make decisions on your behalf if you’re incapacitated. With a will and trust, your assets are documented, and your wishes for their distribution are made clear.
Talk with your estate planning attorney to make sure your estate plan is in place, review your Social Security accounts and start planning for an enjoyable, fulfilling retirement. Prospective clients in Missouri or Illinois can schedule a free phone consultation with us by clicking here.
Reference: Go Banking (Nov. 16, 2025) “4 Things To Do Right Now To Safeguard Your Social Security”
