Ah, the time to retire has finally arrived. It’s time to shout it from the rooftops that you have successfully reached this stepping stone of life, right? Wrong.
When the time comes to hang up your hat for the very last time and cash in on your well-deserved retirement benefits, announcing your retiring status to any and everyone is one of the last things you want to do. Here’s why:
- Your private, personal information is at risk. When filing for your retirement claim, a plethora of delicate information is on the line. Your date of birth, finance history, and, most importantly, your Social Security number are just a few of the sensitive materials necessary for filing for your retirement benefits. Due to the delicate nature of this personal information, trusting it with anyone other than your designated Social Security administrator is not advisable.
- The amount of money you receive via Social Security benefits can create envy with friends, family members, and acquaintances. Though claiming your retirement benefits is far from hitting the lottery, sharing too much information about just how much you are receiving via Social Security benefits can cause a stir amongst those you know. Say you are discussing the amount of your Social Security benefits with a friend or family member, only to discover that one of you receives a significant amount less than the other. Such knowledge can cause the lesser earning party to become envious of their higher earning pal, which creates drama and unnecessary stress in your life. To avoid such situations, keep your Social Security benefit information mum.
- When people know how much money you are receiving, they are liable to try to take advantage of your hard earned funds. Just as the people in your life may become envious of your retirement earnings, they may also see your well-deserved Social Security benefit money as an opportunity to milk you for all you are worth. It is sad to say this, but true, nonetheless. Though most of the people in your life would never even dream of taking advantage of you in your growing age, others may not be so kind. You wouldn’t happily hand over money from a paycheck that you received from busting your butt for forty hours a week to someone, so why do it with your retirement money? If you hope to avoid ever having to deal with such an unpleasant situation, simply don’t broadcast how much you’re receiving. Your finances are your business and nobody else’s, so try to keep such information under wraps.
Retirement is one of the happiest moments of our lives and there is no shame in being proud at having reached that point in your life. Be that as it may, others may see your new retirement status as an opportunity to take financial advantage of you. Protect yourself and protect your assets by trusting your precious benefit information with only those who need to know the details. You will be thankful you did.
Jim Blair offers expert advice on how to maximize your retirement benefits at SocialSecurityRetirementGuide.com
While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.