Confidentiality is the primary defense in protecting yourself and your money in today’s day and age. When it comes to your finances, especially your Social Security benefits, keeping your money safe should be one of your top priorities. Failing to do so can cause a plethora of problems in both emotional and monetary aspects of your life. Continue reading to learn more about the risks you take when you don’t keep your Social Security benefit information confidential.
1. Revealing sensitive information involved with your Social Security benefits leaves you more susceptible to identity theft. When you claim your retirement benefits, you have to provide quite a bit of personal information. You need work history documentation, you have to fill out paperwork, and, most importantly, you have to provide sensitive information such as your full name, date of birth, and your Social Security number.
This delicate information left in the wrong hands can make you an ideal victim for identity theft. To keep yourself safe, only give your trusted Social Security advisor this information and never enter this information on any websites claiming to aid with Social Security benefit claims. Most of these sites are phony, so protect yourself by avoiding them altogether.
2. By mouthing off about your plans to claim your retirement benefits, you are opening yourself up to receiving bad advice. When you discuss your retirement benefit plans with others, you are bound to hear tons of advice on what you should or shouldn’t do, but most of it is liable to be crap. Every Social Security benefit claim is unique, so whatever information others feed you likely won’t even apply to your case. Therefore, you shouldn’t listen to it.
3. Telling others about your Social Security decisions makes you more apt to accepting a low balled benefit package. This risk goes hand in hand with accepting bad advice. When you base your retirement claims on the information of others who, frankly, aren’t qualified to give such financial advice, you are far more likely to go with whatever they tell you than to explore all of your benefit options. By doing so, you are setting yourself up to possibly accept a benefit package far less than what you are worth.
4. Sharing information about your retirement benefits can create unease amongst loved ones. Knowing how much you are getting via Social Security benefits can make your loved ones envious and greedy, plain and simple. Though you probably don’t have to worry about this with most of the people in your life, there’s always someone who’s either looking to make a buck or who enjoys spending their time being unnecessarily jealous. To avoid this, don’t share your benefit information.
Just like the intimate details of your personal life, any information involving your Social Security benefits should be kept private. Not only are you saving yourself from the aforementioned risks, but you are also preventing yourself from never ending stress and endless financial woes. By keeping your Social Security benefit information private, you are keeping both yourself and your assets safe and, let’s face it, you can never be too safe!