Be on the lookout for Social Security reporting errors while you're still working:

posted by Brian Mudd - 

Be on the lookout for Social Security reporting errors while you're still working:

Bottom Line: Recently I shared with you the importance of signing up for your online Social Security account, while you're still in the workforce, given that the Social Security Administration is now only sending out account updates every five years. This is an important update for additional consideration

As you're likely aware, your Social Security payout is based on the number of years you've worked and the the average income across those years. If there are errors with your income reporting with the Social Security Administration, you could receive a lower payout when you do claim Social Security. What's more is that any error with Social Security reporting must be corrected within 3 years, 3 months and 15 days. You can see the obvious problem with waiting five years between reports. What's more is that there were 92,000 like errors reported to the SSA last year. And those are just the one's that were found (which is likely a minority of the errors)! 

Here's a link to claim your online Social Security account if you haven't already:

https://www.ssa.gov/myaccount/

Brian Mudd

Brian Mudd

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