AARP Warns of Scams Against Farmers
For many, Social Security is a critical component of retirement, and often complicated.
For farmers, Social Security raises more questions, including benefits, earnings, what counts as wages and the cash renting of farmland.
Experts recommend using several sources to support your retirement, including savings, Social Security and working part time, perhaps on the farm.
AARP's Sean Voskuhl says its important to get good advice.
"For farmers, who are often land rich and cash poor, and may not have traditional retirement funds, Social Security benefits are a big part of retirement planning. How your farm is taxed and set up as a business effects your Social Security benefits. And, it's just one piece of the retirement, succession and estate plan for farmers. Bring up Social Security conversations with your accountant and financial planner to find what mix of options are available for you."
The Federal Trade Commission reported a surge in late 2018 in scams involving fake Social Security Administration employees.
"The caller asks you to confirm your number so they can issue you a new one, for a fee. However, Social Security does not block or suspend numbers, ever. On the other hand, you might get a call saying there is a cost-of-living increase in your benefits. You just have to verify your name, date of birth and Social Security number. And, armed with that, scammers can hijack your account. If you get a call out of the blue from the Social Security Administration, it's probably a scam, and it's really best to hang up."
AARP has developed a resource center online specifically dedicated to social security. It really is a one stop shop for Social Security education and a great first step in determining what's best for your financial security.