Approximately $500 million dollars in Social Security benefit checks are
not cashed each year. There is no time limit concerning a request to
reissue a lost or uncashed social security check, but no effort is made
to locate and notify owners of missing checks and unclaimed benefits. The Social Security Administration is also responsible for another very substantial stockpile of unclaimed money. In 1987, the General Accounting Office reported 10 million retirees were underpaid benefits because $59 billion in earnings had not been credited to their accounts. In 1996, SSA revealed its "Suspense File" of uncredited earnings and unpaid benefits attributable to clerical errors and reporting mistakes had grown to $200 billion, with over 200 million separate accounts affected! The current figure is well over $250 billion and 220 million accounts! For assistance locating a
Social Security benefit or check that has been lost, was never received
or otherwise has not been cashed, go to:
Social Security
Benefit Search |
Special Note: Given $30+ billion per year in benefit underpayments and SSA's admission that "efforts to reduce suspense file items were not current," workers should verify proper posting by regularly checking their Social Security Statement (formerly known as "PEBES" - Personal Earnings and Benefit Estimate Statement). |
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