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Why checking your Social Security earning record is important
Although there is sometimes a misunderstanding of exactly how your earnings are used to figure your benefits, most people are keenly aware that their earnings are what eventually determines their Social Security benefit amount. In reality, it’s your 35 highest-earning years which are used to compute your benefit amount, adjusted for inflation and up to the amount you actually paid FICA tax on. So knowing that your earnings are what determines your benefit, it makes a lot of sense to ensure that your earnings are correctly recorded by Social Security. Recording errors are always a possibility and if that happens, you could end up with less than you’re actually entitled to. The way to avoid that is to regularly check the earnings record Social Security has on file for you, as discussed in this Yahoo! Finance article by Maurie Backman of the Motley Fool. Click here to read more.
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