6 Things You Must Double-Check On Your Social Security Statement

Your Social Security statement is a critical tool for understanding and planning for your financial future.

It contains essential details about your work history, benefits eligibility, and future payouts that can help shape your retirement plan.

However, errors or omissions in your statement can have significant consequences if left unaddressed. Here's what to look for on your statement — and why it matters when planning for retirement.

Accessing your Social Security statement is straightforward. Visit the Social Security Administration's website and create a "my Social Security" account if you don't already have one.

Once logged in, you can view your statement, which provides a summary of your earnings history, contributions, and estimated benefits.

Reviewing this statement regularly ensures you catch any discrepancies early and stay informed about benefit projections.

Now, let's look at the things you should check on your statement.

Errors in your earnings history could result in lower benefits. So, compare your statement with past tax returns or W-2s. If you notice discrepancies, contact the SSA with evidence of the correct amounts to request a correction.

To qualify for Social Security retirement benefits, you typically need to have earned at least 40 credits, which equates to about 10 years of work.

Your statement will indicate whether you've met this requirement. Make sure what the statement says accurately reflects your work history.

Your Social Security statement also tracks your eligibility for Medicare. As with Social Security benefits, you must earn 40 credits to be eligible for Medicare.

Make sure the eligibility status indicated on your statement matches reality.

Social Security disability benefits provide financial support if you're unable to work due to a medical condition. You must have a medical condition that meets Social Security's strict definition of disability in order to qualify.

Your statement should outline whether you would currently be eligible for disability if you were diagnosed with a medical condition that qualifies you for the benefit. Review this section to ensure it accurately reflects your situation.

Survivors benefits can provide crucial financial assistance to your loved ones in the event of your death. Your statement should show whether your family members — such as your spouse, ex-spouse, or children — are eligible for these benefits if you die.

Confirm that this information is accurate. If you are unsure, contact your local SSA office and ask for help.

If you find errors in your Social Security statement, taking action immediately is essential. Start by gathering proof, such as tax returns, W-2s, and pay stubs. Then, contact the SSA to request a correction.

You'll also be asked to fill out Form SSA-7008, Request for Correction of Earnings Record. You can reach out to your local Social Security office if you have questions or require assistance.

Resolving errors promptly ensures they don't affect your benefits when you need them most.

Time is of the essence when it comes to correcting your Social Security record. The SSA typically allows corrections for earnings only within three years, three months, and 15 days after the year in which earnings were reported.

Waiting too long could make it impossible to fix errors, leaving you with permanently reduced benefits. Checking your statement annually helps you avoid this scenario.

Your Social Security statement is a vital part of managing your financial future. It provides insights into your earnings, contributions, and benefits eligibility.

By double-checking the details regularly, you can protect your Social Security benefits and address any discrepancies promptly. Taking these steps now can lead to a more secure and stress-free future.