The Importance of your Social Security Number

Most people have no idea what their Social Security number (SSN) is for. One can hardly blame them as there is certainly no shortage of forms and documents required by the Federal Government that most of us take for granted. In most cases, you don’t really have to keep these things in mind. However, if there is one exemption to the rule then your social security card will most definitely be it.

This article delves into the importance of your social security card and the information it contains, and how useful it can be in various aspects of your life. Be sure to pay close attention and keep these things in mind going forward.

What is your Social Security Number?

Before anything else, it is vital that we get this out of the way first. Basically, the SSN refers to a nine-digit number combination provided to you by the U.S. government. This is issued to all American citizens. U.S. residents deemed eligible are also free to apply for one should they choose to do so. It may seem innocuous enough, but the government actually makes use of this number in a number of different ways.

For instance, through your SSN, the government is able to track not only the number of years spent on the active workforce but also your total lifetime earnings. Moreover, it keeps track of your social security contributions. All of these information can become quite handy down the road. This is because by the time you retire, the government will take the information they have and use it to determine whether you are eligible for certain benefits or not.

Needless to say, your social security number is central to your financial life. That is why the prospect of losing your social security card or having it stolen presents a dire scenario you would not want to find yourself in.

Lost Your Social Security Card?

Losing your social security card presents a big problem. This is primarily due to the fact that your SSN is a prime target for fraudsters and identity thieves who can wreak havoc on your finances and your credit score. Needless to say, you need to act quickly in this type of situation.

However, the most important thing is to keep a level head and don’t panic. You will need to go to the police and the IRS and report your card stolen. This will enable you to stay protected while you wait for a new replacement card.