Financial prep - don't rely on Social Security

[The Heretic]

. Last year i discovered, somehow my S.S. contributions where double what they should have been, I called S.S.I. they were totally useless and clueless as to why this happened, i called my accountant, he said " dont worry about it," all i can assume is someone was using my S.S.I. number and where making deposits into my account.

File for a correction. Demand it.

It doesn't do any harm to have more going in because someone else is using your SSI. If that is the case though (and not just an accounting error), they may have stole more of your identity than just your SSI#. And if they ask for SSI benefits using your SSI# then it will be a mess to clean up when you want to get those benefits for yourself.

They may have also opened credit, banking, etc., in your name, so check your credit report for accounts you did not open. Taxes too. I have a friend that had someone steal his identity and file for a tax refund/etc. using his identity. He keeps having to deal with this every year for years now and it still is not resolved. A real mess because he is married and his wife runs a business so they file jointly.

Then there is the possibility that they have warrants out for them using your identity.

So don't just let it ride - the SSI might just be the tip of the iceberg.

 

[2ndtimer]

Last year i discovered, somehow my S.S. contributions where double what they should have been, I called S.S.I. they were totally useless and clueless as to why this happened, i called my accountant, he said " dont worry about it," all i can assume is someone was using my S.S.I. number and where making deposits into my account.

Are you self employed? If you are, that would explain why you had "double contributions", since you pay in both the employee and employer contributions. That could also explain why your accountant told you not to worry about it. As to why SSI couldn't explain it, well you were talking to federal government employees, which may explain it .

 

[Defense Minister]

If they would give me every penny tomorrow that they've taken from me over the years, without interest, and stop taking any more, I would seal that deal in a heartbeat! I still have about 12.5 years to invest it before I retire.

 

[Defense Minister]

All or most of it I won't touch (or I hope I won't) when I retire. Why? It is for my daughter, who has serious health problems - any day she might have to quit working. She (and her husband) are doing ok, but living paycheck to paycheck. They cannot set aside any funds into retirement. If she makes it to full retirement age and I don't have to touch my retirement funds, those funds will have at least doubled or more by then.

At that point their house will be paid off, I will probably be gone, they will have enough to retire on, and they will inherit whatever property I own at the time - so they might sell their home and live on my property, or sell my property and that will help them more, or keep both properties. I won't be around to help them out, but my retirement funds will be there - I hope.

You're a good man, Heretic!

 

[The Heretic]

If they would give me every penny tomorrow that they've taken from me over the years, without interest, and stop taking any more, I would seal that deal in a heartbeat! I still have about 12.5 years to invest it before I retire.

I used to say that, but now I am close to retirement so I will take the yearly payments.