In the United States, the Social Security retirement check is key for millions of Americans who only have that benefit as a source of income. Therefore, getting a check like this every month is something that must be present in their lives. Otherwise, the finances of these beneficiaries can be directly affected.
However, from the age of 50 we may lose the right to receive one of the Social Security checks regardless of the amount we receive. The reason is apparently simple and we will not be able to get a retirement check again until we resolve the situation completely.
This reason is much more common than people might think, so it is extremely important to bear this in mind when planning for retirement. If it turns out that we are in this situation when we apply for our Social Security retirement payment, we will be at a great disadvantage.
What can cause us to lose our Social Security?
There are two fundamental requirements for being able to apply for the Social Security check. We are talking about the retirement check for age and not for disability, since the latter has different requirements. If we are talking about the retirement payment, there are two key requirements:
- Be 62 years of age or older.
- Have worked for at least 10 years.
This gives us access to a monthly check, although it is true that it is not too large under those circumstances. Well, if we take into account that there is a situation in which we can lose the right to receive Social Security, the point of view may change a little.
If we have applied for a student loan and have not repaid it, we will lose the right to collection of Social Security payments. Therefore, we must pay off all student loans we have before we even start thinking about retirement.
Americans who have not paid off their student loans will find that both their wages and their Social Security withholdings can be garnished if they have failed to pay off these loans. So it is best to eliminate the debt as soon as possible so as to avoid problems in the future.
Can I eliminate the student loan and continue to collect Social Security?
The truth is that although many citizens who are now over 50 or 55 years old have not applied for student loans, it is true that they may have been guarantors for the loans of a family member. And that may be the main reason why these Americans find themselves with Social Security garnished.
In order to put this situation behind them and regularize everything related to the household economy, it is advisable to go to one of the Social Security offices and ask for the most advisable formula in your case for the payment of debts and thus live in the best possible way.
