Planning to Retire in 2030? Read This Before You Collect Your First Social Security Check.

If you plan to apply for Social Security in 2030, you may feel like the next five years can't go by fast enough. You're probably ready to reap some rewards from the program you've paid into your entire working life, and you may be ready to start your transition into retirement if you're not already there.

But signing up for Social Security isn't as simple as filling out a form. It's a big decision with long-lasting consequences for your retirement. It's important to start planning for it well in advance. Here are some key things you'll want to do as we approach the start of the next decade.

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Review your earnings record

Your earnings record shows how much money you've paid Social Security payroll taxes on each year and it's what the government uses to calculate your checks. You can view yours through your my Social Security account. If you don't already have one, you can set one up for free in a few minutes.

It's important to review your earnings record every year or two and before you apply for benefits to ensure everything appears accurate. Issues are rare since the Social Security Administration gets its data directly from the IRS. But little things like failing to notify an employer of a name change or mixing up numbers on your employment paperwork could lead to some of your income not appearing on your earnings record. This could reduce your benefits.

One thing to note if you're a high earner: You only pay Social Security taxes on the first $176,100 you earn in 2025. This limit was lower in past years. If you exceeded the taxable wage base in a given year, your earnings record will show that number instead of your actual earnings. This is not an error.

If you notice a mistake in your earnings record, notify the Social Security Administration promptly by filling out a Request for Correction of Earnings Record form. Submit any proof you have of your real earnings for the year, like tax returns, to back up your claim.

Understand how your choices affect your Social Security benefits

There are three key ways to influence your Social Security benefits: the length of your work history, your earnings history, and your claiming age. Understanding how these factors affect your checks can help you maximize your lifetime benefit.

The government looks at your income over your 35 highest-earning years when calculating your checks. Working at least this long helps you avoid zero-income years in your benefit calculation. Working longer than this could be to your advantage if your income has risen over your career. More recent, higher-earning years will gradually replace earlier, lower-earning years, resulting in a larger benefit.

Increasing your income today could also lead to larger Social Security checks in the future. This assumes you're not earning more than the taxable wage base discussed above. Anything you can do over the next few years to increase your income could lead to larger checks in 2030.

Your age at sign-up also plays a key role in the amount you receive. The government assigns everyone a full retirement age (FRA). If you were born in 1960 or later, yours is 67. Older adults can have FRAs as young as 66. You must claim at this age if you want the full benefit you've earned based on your work history. Claiming earlier reduces your checks by up to 30% while delaying Social Security can boost your benefits a little each month until you qualify for your maximum checks at 70.

Claiming later leads to a larger lifetime benefit for most people. But this may not be your best option if you have a short life expectancy or lack another source of income to help you cover your expenses while you wait to apply.

It's best to weigh all your options before deciding which claiming age makes the most sense for you. Your my Social Security account has a tool that can help you estimate your monthly benefit at various claiming ages. This can give you an idea of how much you could grow your checks by waiting a little longer to sign up.

Be prepared for Social Security changes

While the strategies discussed above will likely always remain key to maximizing your Social Security benefits, the program could look different by the time you're ready to apply in 2030. Current estimates project the program's trust funds will be depleted by 2035. Without intervention, the Social Security Administration would no longer be able to pay out all scheduled benefits after this point.

The government will almost certainly make changes to the program to prevent this from happening. But right now, we don't know what those changes will look like or when they'll occur.

If Washington alters Social Security before 2030, you may want to take a look at your retirement plan at that time and consider delaying benefits if necessary. If these changes happen after 2030, you may need to rethink your retirement budget.

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