Social Security could end up paying you a pretty decent amount of money in retirement. And if you don't have much savings, those monthly benefits may constitute the bulk of your retirement income. That's why it's important to do what you can to get more Social Security.
The monthly benefits you're entitled to in retirement will be based on two things:
- Your personal wage history.
- Your filing age.
But in the context of your personal earnings history, mistakes can happen. Income can be underreported or not reported to the Social Security Administration (SSA) at all.
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That's why it's so important to check your earnings record and make sure that it's accurate. To do so, create an account at SSA.gov and review your earnings statements year by year. Compare the amount of income listed to your personal records to make sure the data matches up.
If you see an error that works against you, contact the SSA. They can tell you what steps to take to prove that you have missing or underreported income on file.
It's an especially good idea to check your Social Security earnings record if you've changed jobs frequently throughout your career or did a lot of contract work. Similarly, if you changed names at any point during your career, you'll want to make sure you're getting credit for all of your wages.
Even if you have plenty of retirement savings and don't expect to be too reliant on Social Security, there's no reason not to get the benefits you're entitled to in full. Checking your earnings record is perhaps the easiest way to avoid a reduction in those monthly checks.
