1. Failing to catch incorrect wage information

Your Social Security benefits aren’t generated by some magical formula out of thin air. They’re based on your lifetime earnings- more specifically, the Social Security Administration (SSA) will look at your highest earning 35 years. If you haven’t worked for a full 35 years then you will be credited with zero earnings for each year up to 35. That’s why it’s so important to gain at least 35 years under your belt before retiring.

Furthermore, if the government has incorrect information on your wages then that’s going to further lower your benefits.

These things happen, but you can stay on top of them by visiting the Social Security Administration website. By using their portal you can check your earnings history and flag any mistakes.

Number two is a reminder that you can’t have it both ways……