Planning to Move? Here Are Some Social Security, Medicare Adjustments You Need to Make!
By Madz Dizon
May 09, 2024 09:24 AM EDT
May 09, 2024 09:24 AM EDT
If you receive Social Security retirement, survivors, or disability benefits, it is important to inform the Social Security Administration of your change of address. This will ensure that your deposits continue without interruption.
To do this, you'll need to provide your new mailing address so they can deliver important documents, such as your annual SSA-1099 tax form.
When switching banks or credit unions, updating your direct deposit information is important. This involves providing the routing number and account number of your new financial institution.
If you are a Medicare beneficiary, it is important to update your mailing address so that bills, correspondence, details of the Medicare Summary Notice, and other statements can be sent to the correct address.
According to Oklahoman, updating your contact information for Social Security and Medicare is easy, and the convenient online option is available.
You can access your personal "my Social Security" account at SSA.gov/myaccount and navigate to the "My Profile" tab. If you don't have an account, you can easily create one online for free in just a few minutes.
If you require assistance or lack internet access, you can contact Social Security at 800-772-1213 or visit your nearby Social Security office. They will help you make the necessary changes.
Relocating to or from any of these states may impact the amount of your Social Security benefits you can retain.
However, it is worth noting that even among the residents in these states, there are many who are not required to pay benefit taxes. In such cases, a move may not have any impact on your benefits,Yahoo Finance reported:
Colorado
Connecticut
Kansas
Minnesota
Montana
New Mexico
Rhode Island
Utah Vermont
West Virginia
Some seniors in these states have their Social Security benefits taxed by the federal government.
Whether you will owe these taxes or not is determined by your provisional income, which includes your AGI.
In certain cases, residing in a higher-cost state may result in higher withdrawals from retirement accounts, potentially raising your AGI and increasing the possibility of owing federal Social Security benefit taxes.
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