This Could Be the Easiest Way to Get More Social Security
Key Points
Your Social Security benefits are based on your income history and filing age.
It's important to make sure your earnings record doesn't have mistakes.
- The $23,760 Social Security bonus most retirees completely overlook ›
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:
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
- 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.
Image source: Getty Images.
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.
The $23,760 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.
One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.
View the "Social Security secrets" »
The Motley Fool has a disclosure policy.
Recommended Articles
