In the United States, millions of Americans rely solely on the Social Security retirement check for income. As a result, receiving a cheque like this every month is an essential part of their lives. Otherwise, the finances of these beneficiaries may be directly impacted.
However, after the age of 50, we may lose the right to receive one of the Social Security checks, regardless of how much we receive. The reason appears to be simple, and we will be unable to receive another retirement cheque until the situation is fully resolved.
This reason is far more common than most people realise, so keep it in mind when planning for retirement. If we find ourselves in this situation when we apply for Social Security retirement benefits, we will be at a significant disadvantage.
What can cause us to lose our Social Security?
There are two fundamental requirements for applying for a Social Security check. We’re talking about the retirement check for age, not disability, because the two have different requirements. There are two key requirements when it comes to retirement payments:
- Be 62 years of age or older.
- Have worked for at least 10 years.
This gives us access to a monthly cheque, which is not particularly large given the circumstances. However, if we consider the possibility of losing our right to Social Security, our perspective may shift slightly.
If we applied for a student loan and did not repay it, we will lose the right to collect Social Security payments. As a result, we must pay off all of our student loans before we can even consider retiring.
Americans who have not paid off their student loans may have their wages and Social Security withholdings garnished. So it’s best to pay off the debt as soon as possible to avoid future problems.
Can I eliminate the student loan and continue to collect Social Security?
Although many citizens over the age of 50 or 55 have not applied for student loans, it is possible that they served as guarantors for a family member’s loans. And that may be the primary reason why these Americans have their Social Security benefits garnished.
To put this situation behind them and regularise everything related to the household economy, it is recommended that they visit one of the Social Security offices and request the most appropriate formula in their case for debt repayment, allowing them to live as comfortably as possible.
