Social Security, Retirement & Disability Payments – Check Your Earning’s Record To Protect Your Future
The monthly amount of your Social Security Disability benefits and your future retirement benefits is based upon your earnings. Earnings are reported when you file your income tax. The IRS reports your yearly earnings to the Social Security Administration. If your employer makes a mistake reporting your wages or you make a mistake on your taxes, the IRS will still share your wage information with the SSA. If an employer doesn’t fully report your income and you don’t fix it, your monthly disability payment and your future monthly retirement payment will be less money than you are entitled too.
There is a simple way to make sure that the Social Security Administration has documented your earnings correctly. You can go online and create a personal account at www.ssa.gov and through that account you can request a copy of your earning’s record. It does not take much time to create a personal account and your account information can only be accessed by you. Once you obtain your earning’s record, review it for accuracy. If it seems that your earnings have not been reported properly, you can have your record amended by the SSA if you have proof of your earnings. You can also amend your taxes with the IRS, but there is a time limit on the ability to go back into the past and amend taxes. You should review your earning’s record at least once a year to make sure that it is correct. If you do so, you will ensure that your yearly earnings are being properly credited to you and that you will receive the correct amount of monthly payments if you ever become disabled or when you retire.