There have been several recent updates that may impact Social Security benefits.
Safety & Security with Advia Credit Union
As always, your savings are safe and secure with Advia. We understand that you may have questions about accessing your social security and other changes in the economy. Rest assured that we’re here to help you navigate any changes, and that your deposits are federally insured by the NCUA’s National Share Insurance Fund, to a minimum of $250,000 per depositor. You can learn more about this insurance at the National Credit Union Administration’s website.
Additionally, Advia adheres to regulatory standards and employs robust security measures to safeguard personal information and financial assets. Our commitment to maintaining the highest level of trust and reliability allows members to confidently manage their finances with us.
Below are the updates and sources to help you navigate the recent changes to Social Security.
Recent Updates to Social Security
There are a few updates you may notice that impact your Social Security benefits moving forward.
- Cost-of-Living Adjustment (COLA): In January of 2025, a 2.5% cost-of-living adjustment (COLA) went into place. If you are already receiving benefits, you have likely received an updated monthly payment which is a helpful relief to your monthly spending plan.
- Social Security Fairness Act: In April, the Social Security Fairness Act (signed into law in January) may also result in another increase in payments – specifically for retirees who receive pensions from employers that weren’t covered by Social Security. This list includes many firefighters, police officers, and teachers as well as federal employees covered by the Civil Service Retirement System and those whose work had been covered by a foreign social security system. You can learn more about this and how it may impact you by visiting this site provided by the Social Security Administration.
- Overpayment Recovery Rate: If you received an accidental overpayment, in the past, future payments would be reduced over a period of time until the overpayment amount was paid back in full. For any overpayment occurring on or after March 27, 2025 will be recovered fully upon any future payments applied. If this applies to you, you can contact your local Social Security Administration to request a lower rate of recovery. You can also appeal the overpayment decision (this is beneficial when you can prove that the overpayment was not your fault and you’re unable to afford paying it back).
- Updated ID Verification Process: Finally, on April 14, 2025, to help protect your identity even more, the Social Security Administration (SSA) is working to enhance identity verification procedures. Updated procedures for both benefit claims and changing direct deposit will be put into place.
Who’s Impacted by the Updated ID Verification
This updated verification process only impacts those presenting a new claim or making any changes to your direct deposit.
Who’s Not Impacted by the Updated ID Verification
There is an exception to the updated verification process for those applying for Medicare, disability benefits, or Supplemental Security Income (SSI).
IMPORTANT NOTE: If you are a member of Advia Credit Union as a result of being a member or customer of another financial institution that has merged (or will) with Advia, any direct deposit (including social security) you have with your former financial institution will automatically reroute to your Advia account uninterrupted.
When Making a Claim or Updating Direct Deposit – You Have Options
Here are the various ways you can work to make a claim, change your address, update direct deposit and more:
- You may visit your personal my Social Security Account online to make updates; If you don’t already have your my Social Security account established, you can create one at https://www.ssa.gov/myaccount/
- You may visit your local Social Security Office (use their online locator guide)
- You can call 1-800-772-1213, Monday – Friday, 8:00 am – 7:00 pm local time to start your claim; however, the claim will not be completed until your identity is verified in person
The Good News - Processes Being Expedited
In collaboration with these updated identity verification requirements, the agency will expedite processing for all direct deposit change requests – both in person and online – to one business day (previously, it could take 30 days).
Have other questions that we can help you navigate? Call us at 844.238.4228, visit us at any Advia location or chat with us online. You may also check out the sources indicated below used to help us in developing this blog.
Blog Sources
https://www.fool.com/retirement/2025/03/30/social-security-rule-changes-april-2025/
https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html?tl=0