Social Security helps seniors to cover their bills, and most rely on it as a critical retirement income source. Since retirement benefits are important to your future, you'll want to make sure you're doing what you need to in order to access your full benefit.
That's why there's one key Social Security move you should make each year. If you don't, you could regret it. Here's what you need to do.
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This is a critical Social Security task you must do to protect benefits
The one Social Security move you need to make each year is to check your earnings record. Here's why:
- Your earnings record shows how much income was reported each year that you paid Social Security tax on.
- The Social Security Administration collects this data to determine the amount of your benefit.
- You receive benefits equal to a percentage of your average wages over 35 years.
- The Social Security Administration adjusts benefits for inflation and applies a formula to your average earnings to determine your standard benefit at full retirement age.
If the data is wrong, then your benefits will be wrong. You could miss out on the income you will need as a retiree.
How to check your Social Security earnings record
You can check your Social Security earnings record at my Social Security. If you do not already have an account, you can create one in minutes by providing some basic identifying details.
Once you have signed in, you can see what you earned as well as what your projected benefits will be. Check your earnings carefully to make sure they match up with your records. If not, you can contact the Social Security Administration to make adjustments. Gather documentation like your pay stub to prove your correct wages and submit Form SSA-7008 to request a correction.
Doing this annually makes good sense, as you can correct errors you identify now while you still have the paperwork, rather than finding out years later that a mistake was made when your records are long gone. Do it now, if you haven't already, so you don't end up with regrets.
