Monitor Your Earnings

You work hard for your money. You’re saving and planning for a secure retirement. Now you need to make sure you’re going to get all the money you deserve. Regularly reviewing your Social Security earnings record can really pay off, especially when every dollar counts in retirement.  If an employer did not properly report just one year of your work earnings to Social Security, your future benefit payments from Social Security could be nearly $100 per month less than they should be. Over the course of a lifetime, that could cost you tens of thousands of dollars in retirement or other benefits to which you are entitled.

It’s ultimately the responsibility of your employers — past and present — to provide accurate earnings information to Social Security so you get credit for the contributions you’ve made through payroll taxes. But you can inform Social Security of any errors or omissions. You’re the only person who can look at your lifetime earnings record and verify that it’s complete and correct.

So, what’s the easiest and most efficient way to validate your earnings record?

• Visit Social Security websiteto set up or sign in to your own my Social Security account;
• Under the “My Home” tab, select “Earnings Record” to view your online Social Security Statement and taxed Social Security earnings;
• Carefully review each year of listed earnings and use your own records, such as W-2s and tax returns, to confirm them;
• Keep in mind that earnings from this current year and last year may not be listed yet; and
• Notify Social Security Administration right away if you spot errors by calling 1-800-772-1213.

For More information, click here.

Teaching Suggestions

• Ask your students if they regularly monitor their earnings with Social Security Administration. If they don’t, encourage them to review their earnings every year.
• Help students understand that because of longer expectancies, the full retirement age is being increased in gradual steps until it reaches 67.

Discussion Questions

1. What can you do if an employer did not properly report your earnings to Social Security?
2. Why is it important to create a mySocial Security account if you are 18 or older and have a Social Security number, valid e-mail, and U.S. mail address?