Social Security Administration Changes

[00:00:00] Speaker A: Thank you for tuning in to Investment Insight presented by McKay Wealth Advisory. My name is Hayden Proffitt. Joining us today, we have Brent McKay. Brent, a couple changes in the Social Security Administration. Can you hit on those? [00:00:09] Speaker B: Sure. So lots of new things going with Social Security. It's pretty cool. They've got a new leader which will struggle with his name. Frank Bisiano, probably definitely Italian. [00:00:17] Speaker A: Better nowadays. [00:00:17] Speaker B: Yeah, yeah. And so there's some big changes, of course. We talked earlier about the Social Security Fairness act that was passed last year and signed into law this year. So if you are a schoolteacher or a public worker and you weren't getting the spousal benefit, there's some new options to get that spousal benefit. So if you're, you know, retired teacher, retired government worker, and if you worked for the government, you know, definitely call in and see if you qualify underneath the Social Security Fairness act, see if you qualify for an increased benefit. They've also increased the default overpayment penalty 50%. So if you got more money than you're supposed to, your checks gonna go down 50% till you pay the government back, which at one point it was 100%, but right now it's 50%. One of the more exciting things coming around is there's gonna be a new digital Social Security card. So in effect, you'll be able to get your Social Security account online through the Social Security website. And so one of the things we'd encourage customers because everything's gonna be now digital. Someone could also get your Social Security card online. Please create a login for your Social Security account and make sure you have at least two factor authentication or an authenticator app on your Social Security account. Because if you don't do it, what do you want to bet somebody right now is thinking about how they could create a login and they could have your Social Security number and that Social Security card for sure. And so there also, there are some new anti fraud measures coming to Social Security, but a lot of things going on with Social Security from a security and an extra benefit and a withholding payment situation. So it's something that a lot of our clients should be aware of and to take the necessary steps to benefit from the situation. [00:02:01] Speaker A: Yeah, absolutely. Well, thanks for talking to us about this today and thank you for tuning in as well. Hope you have a great day.