People residing in the United States will be aware of the importance of having a Social security number. Without this number, you are likely to miss out many benefits in the future, and it becomes nearly impossible to identify yourself positively under certain situations. The social security number is a must for obtaining benefits and for compliance with banking requirements in the United States.
Social Security Number
It is a nine-digit number; it can be obtained by all United States citizens and eligible residents of the United States. With the assistance of this number, the government of the United States will keep track of the number of years you have worked and your lifetime earnings through the work. When the bell of retirement is about to strike, to calculate your benefit payments the government will use the entire details registered under your card to scrutinize your contribution to the social security.
When Do You Need The SSN?
There are many occasions where you will need a social security number for it has become a part of the United States citizen’s survival.
When You Get Hired
When you get hired the first thing your employer will ask you is for your Social Security Number. The employer who has hired you will have to use this social security number to report your income to the IRS. Your social security wages will also be reported by your employer using your Social Security Number to the social security administration.
While Opening An Account With Any Financial Organization In The United States
To open an account with any financial organization in the United States by law, the banks have to obtain their customer’s social security number. Though the taxpayer identification number can be used to open an account, the number of banks that will accept a taxpayer identification number is very limited. To open an account in a bank of your choice, you will need a social security number.
If You Are Applying For A Federal Loan
In case of you applying for a federal loan, the government with the assistance of your social security number will ensure that you are eligible for the loan. For instance, to qualify for the federal student loan, you must not be a defaulter on any other federal loan, and that can be tracked through your social security number.
In Case If You Are Applying For Certain Public Assistance
If you are applying for any public assistance programs like social security disability income or the unemployment benefits, you will have to provide your social security number. With the social security number, the government agencies will identify the respective individual and ensure that they are the deserving candidate and not the ones who are not entitled to the benefits.
The social security number is also widely used to identify and track down individuals in case of any illegal events. Thus, it also helps in safety and security purposes.
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