3 Social Security Moves to Make Before the End of 2020
Are you ready to bid adieu to 2020? Many of us are. But the truth is, you may have some unfinished Social Security business. Here are a few important moves to make before the new year.
Your monthly Social Security benefit is calculated based on your wages during your 35 highest-paid years in the workforce. That's why it's important that the Social Security Administration (SSA) have accurate wage information for you on file. If there's a mistake in your earnings record, it could result in a lower monthly benefit later in life.
Each year, the SSA issues all workers an earnings statement summarizing their taxable wages for the year. If you're 60 or older, you'll get yours in the mail. If you're younger, you'll need to create an account on the SSA's website and access it there. Either way, read that statement carefully and report any inaccuracies you spot. You may need to provide the SSA with pay stubs, tax returns, or other information to ensure that your wage information is complete.
Source Fool.com
