Are you overlooking your earnings record? If so, you might be setting yourself up for some unwelcome surprises when it’s time to collect Social Security benefits. Many workers don’t realize how crucial it is to ensure their earnings records are accurate, and this can lead to lower benefits down the road. While retirement might seem like a distant concern, it’s essential to address any errors in your earnings record now to avoid complications later.
Errors
It’s not uncommon for earnings records to have errors. These errors can occur for various reasons, such as clerical mistakes, incorrect information reported by your employer, or even missing wages. If these errors go uncorrected, they could significantly impact the amount of Social Security benefits you receive upon retirement. The last thing you want is to find out that your benefits are lower than expected because of an error that could have been easily fixed.
Correction
Fortunately, the Social Security Administration (SSA) has made it relatively simple to correct errors in your earnings record. The most straightforward way to do this is through your my Social Security account. If you haven’t set up an account yet, it’s a good idea to do so. This online platform allows you to view your earnings history, check your benefits estimate, and correct any errors you spot.
But what if you’re not tech-savvy or prefer to handle things over the phone? No problem! You can also correct your earnings record by calling the SSA directly at 1-800-772-1213 (TTY 1-800-325-0778 for those who are deaf or hard of hearing). Before you make the call, make sure to gather all the necessary documents, such as your W-2 forms and any pay stubs that support your claim. These documents will serve as evidence to back up your request for a correction.
Deadline
It’s important to act quickly if you notice an error in your earnings record. The SSA gives you a window of 3 years, 3 months, and 15 days from the end of the taxable year in which your wages were paid to correct any mistakes. Miss that deadline, and you might find it much more challenging to make any changes.
However, there are some exceptions. The SSA may allow corrections after the deadline if the records need to be confirmed with tax returns filed with the IRS or in cases where wages were reported incorrectly due to employer errors. This could include situations where an employer reported wages as paid to an employee, but the SSA’s records don’t reflect this. These exceptions underscore the importance of regularly reviewing your earnings record to catch any discrepancies as soon as possible.
Tips
To avoid complications, here’s a quick rundown of steps you should take:
- Review your earnings record annually: Make it a habit to check your record each year, especially if you change jobs or experience any significant changes in your income.
- Keep your documents organized: Maintain a file with all your W-2 forms, pay stubs, and tax returns. These documents will be crucial if you need to correct an error.
- Act quickly: If you spot an error, don’t delay in contacting the SSA. The sooner you act, the easier it will be to correct the mistake.
- Consider setting up a my Social Security account: Even if you’re not tech-savvy, having an online account can make it easier to monitor your earnings record and correct any errors.
By staying vigilant and proactive, you can ensure that your Social Security benefits accurately reflect your earnings, providing you with the financial security you deserve when you retire.
FAQs
How long do I have to correct errors in my earnings record?
You have 3 years, 3 months, and 15 days from the end of the taxable year.
Can I correct my earnings record online?
Yes, you can correct errors through your my Social Security account.
What documents do I need to correct my earnings record?
You’ll need your W-2 forms, pay stubs, and any other relevant documents.
Can I correct errors over the phone?
Yes, call the SSA at 1-800-772-1213 for assistance with corrections.
What happens if I miss the correction deadline?
You might still correct your record under specific circumstances, like employer errors.
