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If you plan to rely only on your social security check for your retirement, you may want to reconsider your decision. Here's why.
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Do you check your social security benefits?

Otherwise, you are among millions of Americans who do not know at all whether the government keeps accurate records of your income – and the benefits to which you are entitled to retire.

According to a recent report by the Inspector General, less than half of the 39 million Americans registered for the "my Social Security" online accounts have verified their tax returns in the last 12 months, or 2018 Another 14.6 million received statements posted. . This means that only a small portion of Americans have been informed of their benefits, whether online or by mail.

This is an unintended consequence of the government's efforts to reduce the cost of sending paper statements on social security.

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Do you check your social security benefits? Otherwise, you are one of the millions of Americans who do not know if the government keeps accurate records of your earnings and benefits. (Photo: Getty Images)

In 2000, people aged 25 and over automatically received a statement by mail each year. Now, only Americans over 60 who are not yet receiving benefits and who do not have an online account are getting paper statements.

This means that many of us are not aware of the need to be part of our savings and retirement plan.

Here's why and how you should check your social security online account:

Why do this?

Social security replaces a significant portion of the income you lose when you retire – 40% on average. To estimate your benefits, the federal government uses your 35 highest earning years. If the government records these revenues incorrectly, you may get less benefits.

Another reason to check your social security statement is to look for signs that someone has stolen your identity. If your income on your statement does not match your data, it could indicate that someone illegally uses your social security number.

What does my statement show?

Your statement indicates how much you paid in Social Security taxes and Medicare during your working years. He also estimates the amount of your benefits if you reach retirement age.

It also indicates the benefits you may be entitled to if you become disabled and can not work, as well as survivor benefits.

It is important to note that these are just estimates. Several factors can affect the benefits you receive when you retire:

  • Ups and downs in your future earnings
  • Increase in the cost of living related to social security benefits
  • Potential changes to social security
  • Military service, employment in a railway or pensions acquired through work for which you have not paid social security tax

How can I get my return

Online: You can sign up for "My Social Security" online on the Social Security Administration's website. Enter your name, social security number, date of birth, address and phone number. Then answer questions based on your Equifax credit report to verify your identity. You will receive a security code by text or email to complete the registration.

If your Equifax Credit Report is frozen, you must first lift it. If you have trouble logging into an online account, go to a Social Security office for help.

Paper: If you wish to receive your statement by mail, fill in form SSA-7004 and send it to the address indicated on the form. You should receive the paper statement in the mail four to six weeks later.

How to check my statement

Review the gains recorded on the statement and compare them with the recent W-2 forms of your work. The estimates combine all the income of the year. Therefore, if you have more than one job or earn extra income, be sure to add them up.

Do not forget that your earnings for the past year may not be saved for the moment, depending on when you check. There is also a limit to the total amount of earnings you contribute to Social Security. Winnings above this limit will not appear on the statement.

If you find an error in your income, contact the Social Security Administration at 1-800-772-1213. Have your W-2 or your tax return for the year in question at your fingertips.

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