Given the increase in the cost of retirement, it’s no wonder many are worried they are behind on 401(k) savings.
According to the Northwestern Mutual 2024 Planning & Progress Study, “American adults say on average they now need $1.46 million to retire. That’s 15% higher than a year earlier and a 50% increase since 2020.”¹
If you are one of the many Americans who feel as if you are behind on 401(k) savings, there are ways you can catch up.
Follow these tips to boost your 401(k) savings and prepare to retire more comfortably.
The Latest Data Breach: Here’s What Happened
National Public Data, a data broker company providing background check services, announced in August 2024 that it had experienced a massive data breach.
This data breach included leaking the Social Security numbers of almost every American (or 2.9 billion records) and full names, dates of birth, phone numbers, and addresses.
The breach was a hack by the cybercriminal organization USDoD, which attempted to sell all this PII data on a dark web forum.
How to Find Out If Your Info Was Leaked
There are several ways to determine if your PII has been compromised.
- Have I Been Pwned – This is a free website that has been around for some time and allows users to enter their email addresses to see if they have been involved in any data breaches.
- npdbreach.com—This website was created specifically for this data breach and does not store searches. It allows users to search by name, zip code, SSN, or telephone number.
- npd.pentester.com – This website was created by the cybersecurity firm Pentester, which allows users to search by name, state, and birth year to see if they were affected by this particular data breach.
What to Do If Your PII Was Leaked
If you discover that your PII was part of the 2024 National Public Data breach, there are steps to take to protect yourself from becoming a victim of identity theft.
- Sign up for fraud alerts. It is free and easy to sign up for free fraud alerts. Contact one of the three credit bureaus.
- Get a credit report. Call 1.877.322.8228 or visit www.annualcreditreport.com to obtain a free credit report from the three major credit reporting agencies.
- Monitor financial accounts. Keep a close watch on your financial accounts.
- Contact financial institutions if you notice anything. If you notice anything suspicious, contact your financial institutions immediately.
- Freeze your credit. Freezing your credit limits access to your credit report, which makes it difficult for anyone to open new accounts in your name. According to CBS News, “Security experts are advising all Americans to take a few minutes to complete what they deem an essential step in protecting one’s credit files in a day and age when cybersecurity breaches are becoming increasingly common.”² It’s easy to freeze your account, and some experts believe you should always have your credit frozen and unfreeze it as needed.
- Utilize Social Security Administration’s Block Electronic Access Service Tool. This is a unique tool designed to protect against identity theft. According to the Social Security Administration, the eServices block “prevents anyone, including you, from seeing or changing your personal information online. Once [the SSA] adds the block, you or your representative will need to contact your local office to request its removal.”³
What to Do If You Are the Victim of Identity Theft
If you believe your PII has been stolen and you are a victim of identity theft, these are the steps you need to take.
- Report It to the FTC. Start by reporting the identity theft to the Federal Trade Commission at identitytheft.gov using the online form. They will send you a personal recovery plan that details what you need to do to recover your identity.
- File a police report. File a police report locally and keep a copy for your records.
- Contact the IRS. Contact the Internal Revenue Service to prevent a thief from using your SSN to file a tax return and receive your refund.
- Contact the SSA. Reach out to the Social Security Administration to have them review your statements.
Steps to Take to Protect Yourself
Even if you were not affected by this massive data breach, you should still take steps to protect your identity online.
Use these steps to keep your PII safe.
- Use strong passwords. Experts recommend using lengthy password phrases comprised of multiple words and numbers that would be difficult for hackers to guess.
- Use multi-factor authentication. When accessing any site that includes PII (personally identifiable information), use multi-factor authentication. This requires the user to submit a password and gain access via an additional code sent via text message or email.
- Beware of scammers. Unfortunately, in light of a data breach this large, there will be scammers. Scammers may have enough PII to convince you that they are legitimate representatives of the Social Security Administration or a financial institution. Do not click on any links or give out information over the phone. Contact your institution directly.
- Set up a My Social Security account. Create a my Social Security account even if you are not receiving benefits. This will allow you to see future benefits estimates if you aren’t receiving benefits yet. If you are receiving benefits, you can use my Social Security to add blocks preventing anyone from viewing and changing personal information online and blocking direct deposits.
- Sign up for security alerts. Sign up for security alerts with your bank and credit card company.
- Monitor accounts. You must stay aware of what is happening with your financial accounts (bank accounts, credit card accounts, and retirement accounts). It’s imperative that you register for online accounts and monitor them regularly. The sooner you recognize discrepancies, the better.
