Three Social Security Moves to Make Before the Year Ends
As we ready to usher in a new year, there are still a few things you should do before we bid adieu to 2022. USA Today points out three important financial moves you should make before the end of the year, especially if you collect Social Security.
Examine Your Earnings Statement
How much money you receive in Social Security benefits is based upon how much money you made while working. So, it’s really important that the Social Security Administration (SSA) knows your actual income each year. A mistake could become costly in retirement.
If you are age 60 or older, you should receive an earnings statement in the mail each year. If you’re younger, you can see your earnings report by creating an account on the SSA website.
Make sure you carefully review your earnings statement and report any errors before the end of the year. You may need to show pay stubs, tax returns, or other documents in order to verify your true wage earnings and have them corrected.
Review Your Credit Report
This is good advice for anyone, but especially anyone getting ready to claim Social Security.
If you see unfamiliar activity, such as new account that you did not open, that could be a sign that a criminal has your Social Security number (SSN). Identify theft can happen to anyone. It is particularly dangerous for folks who are getting ready to start collecting Social Security but haven’t signed up yet. If a criminal has your SSN, they can file a claim under your name and steal your benefit money.
If you suspect your SSN has been compromised, contact the Social Security Administration immediately.
Determine When You Want to Start Claiming Benefits
You can start claiming Social Security benefits as young as age 62. However, you will only receive your full monthly benefit if you wait until the full retirement age. The younger you claim Social Security, the less money you will receive each month. So, you need to evaluate what’s best for you financially before making that critical decision.
This is all great advice to help you increase and protect your retirement income. The Seniors Trust is committed to ensuring American retirees receive all of the money to which they are entailed. We are working hard to pass the Social Security Expansion Act. This significant piece of legislation will strengthen the long-term solvency of Social Security by expanding benefits for seniors – not cutting them.
