Similar to periodically reviewing your credit report, it’s a good idea to check in on your Social Security benefits at least once a year, particularly as you near retirement. There are two main reasons to review your Social Security statement. The first is that the Social Security Administration wants to make sure that they are correctly tracking your earnings in their system. Because your Social Security benefits are based on the amount of income you have earned while working, it’s important that the administration is correctly tracking your income. Otherwise, the benefits you receive may be incorrect and potentially lower than what you are actually owed. The second reason is that as you near retirement it’s important to make sure that the benefits you are actually set to receive match up with the benefits your financial plan is estimating you’ll receive. By making sure your plan matches reality, you can ensure that your retirement will go ahead as planned. If the Social Security estimate in your financial plan is incorrect, you may need to make some adjustments to your plan and potentially your current savings in order to get you back on track.
If you’d like to set up a My Social Security account it’s super easy. For instructions on how to do so, you can check out this short article which has everything you need to know on how to set up your online account login. If you’d like to receive a free complimentary plan that incorporates your Social Security benefit into a holistic retirement projection, please feel free to shoot us an email or give us a call. For most Americans, Social Security is a crucial part of their retirement, so make sure that your benefit is up to date and matches the benefit you’re planning on receiving. That way, you can be sure to retire with confidence.
*a version of this article first appeared September 12, 2016