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A simple mistake that could cost you dearly
As hard as it might be for you to imagine, the Government does occasionally make mistakes (pun intended). And considering that the Social Security Administration mistakenly declares about 14,000 people dead each year, it should come as no surprise that there could also be a mistake in the earnings that the SSA has on record for you. It doesn’t actually happen very often, but if your earnings record was somehow missing a year or suffered an incorrect data entry showing you earned much less than you actually did, you could end up losing a lot of money in Social Security benefits. That’s why it’s so very important that you review your Social Security earnings record regularly and correct any errors you find. As this Motley Fool article by Maurie Backman points out, your time to correct any error is limited, so annual review should become part of your retirement planning routine. Click here to read more
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