Do this to maximize your Social Security Benefits

Posted by Denise Kovach, CFP^®, AIF^®

Now (tax season) is a good time to double check your earnings history on your Social Security statement to confirm that it is accurate.

Continue to do so each and every tax season when you have all of your documents at your fingertips. This is important because your Social Security benefits are based on an average of your highest 35 years of earnings. An error in your earnings history could cost you money in retirement.

And, believe me, it happens. They reported zero earnings for me in 2012 and again in 2015! If this happens to you, you will need to provide proof of earnings, either a W-2,1099 or tax return, and write to them requesting them to correct the information. Their address is as follows:

Social Security Administration, Office of Earnings Operations, P.O. Box 33026, Baltimore, MD 21290-3026

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