• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • LinkedIn
info@finivi.com
(508) 870-0440
Client Login

Finivi

Investment Management Services

  • Who We Are
    • Our Team
  • What We Do
    • What to Expect
    • Financial Planning
    • Investment Management
    • Retirement Planning
    • Estate Planning
    • Empowering Women
    • Plan for the Life You Want
  • Insights
  • Events
  • Contact Us
    • Press & Media
    • Careers
    • Internships

Why the Government May End Social Security Numbers (and How to Protect Yours)

March 1, 2018 by Steven C. Johnson, ChFC®

How much do you think about the security of your Social Security number? All of your life, you’ve been told to keep it secret and safe. However, it’s often requested during life’s everyday moments, such as when you visit the doctor, open a bank account, or start a new job.

Data Safety Is in Question

This can be problematic, especially since data breaches are commonplace; it seems like one is always in the news these days. While the government hasn’t indicated the total number of Social Security numbers subject to theft or fraud, a 2015 NPR interview, with data from Verizon, reveals that 60-80% of numbers have already been accessed by hackers. These stats are even more frightening when you consider that the government doesn’t like to replace numbers; in 2014, they issued fewer than 250 new Social Security numbers due to misuse.

Given that incidents of fraud continue to rise, it may not be realistic to rely on the government to fix the problem. The administration has gone so far as to suggest that it may be time to retire these archaic forms of identification. In fact, The Centers for Medicare & Medicaid Services (CMS) recently announced that new Medicare cards would be mailed out this year with a new number printed on them. This unique identifier will replace patients’ Social Security numbers on their cards, helping ensure that seniors are less vulnerable to identity theft and benefits abuse.

The Government Has Doubts, Too

But White House cybersecurity coordinator, Rob Joyce, wants to take it one step further and do away with the numbers altogether. Given how devastating the recent Equifax breach could become, it’s crucial for the government to have a more agile approach to responding to wide-spread cyber-attacks where the most sensitive of personal data can be stolen. (The Equifax breach incident exposed the Social Security numbers of 143 million Americans, none of whom have a remedy to obtain a new number.) Other significant breaches have occurred at major health insurers, hospital networks, and even the U.S. Postal System.

Protecting Yourself

So, what can consumers do when the agency who hands out these numbers and even requires them for many of your day-to-day activities admits they are problematic? Unfortunately, it’s wise to recognize the dangers and take matters into your own hands. While we can’t do much against substantial data breaches, there are a few recommended steps you can take to do your part in securing your Social Security info.

1.   Don’t Give Out Your Number

It sounds simple, but there are many occasions you may be asked for your Social Security info. The problem is that you are rarely obligated to comply. Except for your job, financial institutions, the IRS, and other government programs, no one should require you to give it out. You may have to really push back, but you can even tell your healthcare provider “no” if you wish. (Considering that many breaches have involved medical records, it’s not a bad idea to shut them down when they ask.)

2.   Run Your Credit Report Annually

While you can’t always tell if someone has your Social Security number, many of the red flags can be spotted on your free annual credit report from all three agencies. If someone has inquired about your credit using your number and without your permission, this will show. You can also quickly check for suspicious new lines of credit. You are entitled to a free credit report each year from all three agencies, although you can pay for more frequent credit monitoring and identity protection from companies like Credit Karma or LifeLock.

3.   Take Advantage of Free Monitoring

With millions of consumers affected by breaches each year, it’s become standard practice for hacked companies to offer free credit monitoring and fraud detection as a courtesy to those involved. Don’t hesitate to sign up for these services and use them.

Since most  people don’t realize that their number has been stolen until something terrible happens, be sure to speak up if you believe you are a target. While the government won’t likely give you a new number, it can usually offer you a workaround in instances where it affects your daily financial life. Many taxpayers, for example, only learn of a compromised number when they file their return. Getting it straightened out with the IRS may take a while, but you can start matters without delay. Providing proof of any communications or suspicious activity can help move your case along and give you the time you need to work issues out.


PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of these web-sites provided here, you are leaving this site. Our company makes no representation as to the completeness or accuracy of information provided at these sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, sites, information and programs made available through this site.

This information is not intended to be legal or tax advice. The author can provide information, but not advice related to social security benefits. Clients should seek guidance from the Social Security Administration regarding their particular situation. Social Security benefit payout rates can and will change at the sole discretion of the Social Security Administration. For more information, please consult a local Social Security Administration office, or visit www.ssa.gov.

Print Friendly, PDF & Email

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Filed Under: Retirement Planning, Social Security

Primary Sidebar

Footer

About Us

Finivi is an independent, fee-based financial planning and investment management firm that offers clear, actionable advice designed to help improve your life.

HOME | WHO WE ARE | WHAT WE DO | WHAT TO EXPECT | BLOG | CONTACT US
  • Facebook
  • LinkedIn

Contact Us

Finivi Inc.
1400 Computer Drive, Westborough, MA 01581
Get directions: iOS | Google

Office: (508) 870-0440
Fax: (508) 898-3097

Email: info@finivi.com

Our Newsletter

Subscribe to our newsletter to get the latest updates from our blog. We respect your privacy.

© 2018-2025 Finivi Inc. | Site by Mathias Media

Privacy Policy | ADV Part 2A - Disclosure Brochure | Form ADV Part 3 - Client Relationship Summary

Advisory Services offered through Finivi Inc. an SEC Registered Investment Advisor.

Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish
Close

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
  • Birth Month & Year: December, 1967
  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
  • Family Pet: Max – our Pomeranian

Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

  • Hometown: Bellingham, MA
  • Birth Month & Year: July, 1957
  • Favorite Hobby: Cooking and Entertaining
  • Favorite Food: Steak at the Capital Grille
  • Can't be interrupted when: It's family time
  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

Fun Facts About Me

When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

  • Hometown: Modesto, CA
  • Birth Month & Year: September, 1982
  • Favorite Hobby: Swimming
  • Favorite Food: Mexican Food
  • Can't be interrupted when: I'm cooking
  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

  • Hometown: Charlton, MA
  • Birth Month & Year: October, 1981
  • Favorite Hobby: Running
  • Favorite Food: Cheesecake
  • Can't be interrupted when: Reading a good book
  • Hidden Talent: Interior Design and furniture restoration
  • Something on bucket list: To travel cross-country in an RV
  • Family Pet: Charlie and Nora, both black labs from the same litter

Donna Fournier

Fun Facts About Me

When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

  • Hometown: Swansea, MA
  • Birth Month & Year: February, 1961
  • Favorite Hobby: Exploring haunted locations
  • Favorite Food: Pizza
  • Can't be interrupted when: Eating my pizza
  • Hidden Talent: Rollerblading
  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Krista Isabelle

In her free time, Krista can be found crafting, cooking, spending time outdoors with her family, or curled up reading next to her beloved pets.

  • Hometown: Hopedale, MA
  • Birth Month & Year: August 1994
  • Favorite Hobby: Cooking & Baking
  • Favorite Food: Baked mac & cheese
  • Can’t be interrupted when: Reading
  • Hidden Talent: Cartoon drawing
  • Something on her Bucket List: Fostering animals

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
  • Birth Month & Year: November, 1985
  • Favorite Hobby: Working out, concerts, and exploring wineries
  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
  • Something on bucket list: To hike the 48, 4000 footers of New Hampshire
  • Family Pet: none, hopefully a big dog someday

Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
Close
 

Loading Comments...
 

You must be logged in to post a comment.