Stack of different colored filesHave you ever misplaced an important piece of paper you knew you stashed somewhere for safe-keeping?  If you receive disability benefits from Social Security, it is important to have a system for storing your documents and to know what documents you need to keep and for how long. 

As tax season has come to a close, now is a great time to make sure you are keeping the right financial documents.

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Money Mondays: What Financial Records to Keep When Receiving Disability Benefits

Apr 27, 2015

Have you ever misplaced an important piece of paper you knew you stashed somewhere for safe-keeping?  If you receive disability benefits from Social Security, it is important to have a system for storing your documents and to know what documents you need to keep and for how long.  As tax season has come to a close, now is a great time to make sure you are keeping the right financial documents. Below are tips on what documents you should store and ways to stay organized.

Stack of different colored files containing paperWhat records do I keep? According to USA.gov, the following are documents you should consider storing in a secure place.

•    Pay stubs (needed for monthly wage reporting to Social Security)
•    Filed tax returns by year (keep for up to seven years from the filing date)
•    Bank statements
•    Health and medical payment records
•    Investment statements  
•    Loan documents
•    Statements from Social Security
•    Receipts for large purchases

View a full list of records for saving here, along with more tips on how long to keep each type of document.

Create a home filing system. A system for filing the above documents can make a big difference in keeping track of important financial records. Use these tips to start organizing a filing system that works for you.

Be prepared. Keeping documents in order and in a safe place will help:

•    If you ever get audited by the Internal Revenue Service (IRS). Watch this video from the IRS on how to avoid headaches during tax time by keeping organized records.

•    Justify your wages. You should report your earnings to prevent overpayments from Social Security. An overpayment occurs when Social Security has paid you more than you should have been paid in accordance with the rules of your benefits. Learn how to prevent overpayments by reporting your wages here.

Are you or someone you know receiving disability benefits and want to work? The Ticket to Work program has helped people with disabilities find the services and support they need - including advice about money and their benefits - to reach financial independence. Call 1-866-968-7842 (V) or 1-866-833-2967 (TTY) to talk to someone about your situation and how Ticket to Work can help you.

 

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