For many individuals, Social Security is an important source of retirement income. When it comes time for you to retire, the amount of benefit you will receive is based in part on your career earnings. That’s why it’s critical that you review your Social Security earnings record and report any inaccuracies.
Fortunately, the Social Security Administration makes it easy to check your earnings record. Simply visit www.ssa.gov/myaccount to set up or sign in to your own my Social Security account.
Once you’ve signed in, look for the “Eligibility and Earnings†section. Select “Review Your Full Earnings Record Now†to view your taxed Social Security earnings. Carefully review each year of listed earnings and check them against your own records, such as W-2s and tax returns. Should you spot errors, notify the Social Security Administration by calling (800) 772-1213.
If at any point during your career your employer did not properly report your work earnings, you could potentially miss out on tens of thousands of dollars in Social Security benefits over your lifetime. And as time passes, it may become harder to access past documents. You may even find that your past employer is no longer in business. So it pays to review your earnings record sooner rather than later.
In addition to viewing your earnings record, with a “My Social Security” account, you can also access other important information, such as your annual Social Security statement and the monthly benefit you’re eligible to receive.
FOOTNOTE: Article provided by Bryan A. Ruder, CFP®, MSPFP, CRPC®, AWMA®, AAMS®, AIF®, MPAS®
Mr. Ruder is Associate Vice President/Investments, Stifel, Nicolaus & Company, Incorporated, Member SIPC and New York Stock Exchange, who can be contacted in the Evansville office at (812) 475-9353 or ruderb@stifel.com.
