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Every day, 10,000 baby boomers turn 65 but all workers need to be aware of this!
Keeping a Careful Eye on Your Earnings Record
Keeping a careful eye on your earnings record whether you are ready to retire, just joining the workforce, or somewhere in between, you should regularly review your Social Security earnings record.
If an employer did not properly report even one year of your work earnings to social security, your future benefit payments could be much less than they should be. Over the course of a lifetime, it could cost you thousands of dollars in retirement. Social Security prevents many mistakes from ever appearing on your earnings record. On average, social security processes about 236 million W-2 wage reports from employers, representing more than $5 trillion in earnings. More than 98 percent of these wages are successfully posted without problem. However, it is ultimately the responsibility of your employers — past and present — to provide accurate earnings information to Social Security so that you get credit for the contributions you make through payroll taxes.
Social Security relies on you to inform them of any errors or omissions. You are the only person who can look at your lifetime earnings record and verify that it is complete and correct. What is the easiest and most efficient way to review your earnings record? Visit
www.socialsecurity.gov/myaccount
to set up or sign in to your own my Social Security account; or Under the “My Home” tab, click on “Earnings Record” to view your online Social Security Statement and taxed Social Security earnings; or Carefully review each year of listed earnings and use your own records, such as W-2s and tax returns, to confirm them.
Keep in mind that earnings from this year and last year might not be listed yet. If you do need to correct your earnings record, check out our one-page fact sheet at
www.socialsecurity.gov/pubs/EN-05-10081.pdf
Do you need to review 2024 and see where you are at with federal taxes? Please contact me.
