Social Security Benefit Estimate Errors......
The Social Security Administration recently acknowledged reports of erroneous earnings estimates being sent from their system. The problem has since been corrected, but is an important reminder to regularly check your earnings estimates.
For most people, Social Security is a large part of their retirement Security. Social Security benefits are calculated using 35 years of earnings history that is transferred from the Internal Revenue Service’s database when tax returns are filed.
The earnings estimates show the earnings history on page three of the report. If there are any mistakes, Social Security has an appeal process to fix the errors. However, you only have a limited time to fix errors, even it they aren’t your fault.
An earnings record can be corrected at any time up to three years, three months, and 15 days after the year in which the wages were paid or the self-employment income was derived. From the Social Security Administration’s website.
We recommend you annually run your earnings estimate online at My Social Security and review the estimate and wage history. Compare the wage history to previous years’ report to confirm the accuracy of the earnings data.
This process is easy and only takes a few minutes. These few minutes will ensure you get all of your valuable retirement benefits.