Fact-Checking Your Benefits: Why Errors in Your Social Security Statement Could Cost You.
Your Social Security statement is more than just a retirement estimate—it’s the foundation of your future benefits. But what if it’s wrong?
Even a small mistake in your earnings record could reduce your monthly payments, potentially costing you thousands over your lifetime.
The Social Security Administration (SSA) calculates your benefits based on your highest 35 years of earnings. But mistakes happen, including:Missing income from past jobs – Especially if you changed employers often.
ncorrect earnings amounts – A reporting error could mean lower benefits.
Name or Social Security number mismatches – Could result in wages not being credited to your account.
– Reduced monthly Social Security checks—less income for life.– Lower spousal or survivor benefits—affecting your family’s financial security.– Delayed corrections—fixing errors years later can be difficult and time-consuming.
If you find a mistake, gather W-2s, tax returns, or pay stubs and contact the SSA immediately. Corrections take time, so the sooner you act, the better.
Your Social Security statement is your financial safety net—but only if it’s accurate. Take a few minutes each year to review it. A simple check today could mean a more secure retirement tomorrow!
By understanding the hidden insights in your Social Security statement, you can make smarter decisions and ensure a comfortable, well-planned retirement.