The “you won” call that stole $5.6 million

Hi default: "there",

Social Security has changed how it verifies bank accounts before approving Supplemental Security Income. It matters if you or someone you help is applying for SSI—but it does not put a new savings limit on an ordinary Social Security retirement check. I'll explain the line clearly, then give you four dates to mark and the lottery call that recently cost older victims millions.

Applying for SSI? Social Security now checks financial accounts before approval

Social Security expanded electronic financial-account verification to every new SSI claim approved on or after May 4. The rule covers claims based on age, disability, or blindness, along with reopened claims and appeals that establish eligibility. SSA says it must get the applicant's permission before contacting financial institutions (SSA).

Why it matters: SSI is a needs-based benefit. Countable resources generally cannot exceed $2,000 for one person or $3,000 for a couple. But many things do not count, including the home you live in and, generally, one vehicle used by your household (SSA).

The crucial distinction is that this is an SSI rule. It does not create a bank-account limit for regular Social Security retirement benefits or Social Security Disability Insurance.

→ Your move: If you are applying for SSI, gather current account information and be ready to explain joint accounts or money that may qualify for an exclusion. Review balances for accuracy before SSA decides the claim. If something appears over the limit, do not hide or move it—ask SSA which exclusions apply and what documents it needs. That can prevent an avoidable delay or an incorrect denial.

Four retirement-money dates and numbers to know

• January 1, 2027 — Medicare drug costs: The standard Part D deductible rises from $615 to $700, while the annual out-of-pocket threshold rises from $2,100 to $2,400. Plan details vary, and Extra Help has separate cost-sharing rules (CMS).
• October 15–December 7 — Medicare Open Enrollment: Changes received by December 7 begin January 1. Compare covered drugs, pharmacies, provider networks, and total costs—not just the plan name (Medicare.gov).
• September 15 — estimated taxes: Retirees with pension, IRA, investment, self-employment, or other income with too little withholding may owe the third 2026 estimated-tax payment (IRS).
• Before your 2026 plan year ends — catch-up savings: Many workplace plans may allow workers 50 and older an extra $8,000; ages 60–63 may be allowed $11,250 (IRS).

Scam of the week: the prize that comes with a bill

The Justice Department announced a 78-month sentence last week in an international lottery scam aimed at older people. Callers said victims had won, then demanded “taxes” or “fees” before releasing the prize. The money went out; no prize arrived (DOJ). In a related July case, at least 50 victims with an average age of 82 lost more than $5.6 million (DOJ).

→ Do this: Stop contact. Do not use the caller's number or payment instructions, and never send cash, a wire, a check, or gift cards. Report the pitch at ReportFraud.ftc.gov or call the National Elder Fraud Hotline at 833-372-8311.

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Your turn: Have you or someone you help ever had an SSI claim delayed by a bank-account question? Hit reply and tell me what happened.

And if this issue helped, forward it to someone who may be applying for SSI or caring for a person who is.

Talk soon,

— Ellen Marsh, Editor, Retirement Shield

Retirement Shield is educational information only—not financial, tax, or legal advice. We will never ask you for an account number, Social Security number, password, or payment.