There is a lot of overlap between deciding when to retire and when to access Social Security. Some people enter Social Security right after retirement, while others use a bridge strategy to delay claiming benefits and increase their future government checks.
Creating an account using the Social Security Administration websites can help you access other important information you need to make these decisions. It gives you estimates of how much you can earn, but also allows you to catch mistakes, compare claim years and avoid surprises before retirement decisions become permanent.
Check that your income record is accurate
The Social Security Administration will review your work history and prioritize the 35 highest earning years when calculating your benefit. Any incorrect or missing wages can translate into lower future assessments, so it’s important to check this information before claiming benefits. You can review benefits year by year to see a summary of your information and make sure it’s correct.
If you find any incorrect information, you will need to gather valid W-2 forms, tax forms, pay stubs and other proof for any years in question. Seeing this information can also help you decide whether it makes sense to work a few extra years instead of the low-earning and high-earning years.
Compare your profit rates for different claim years
Your Social Security account also allows you to see your estimated monthly benefit based on the year you plan to claim your benefits, which can help you determine the best time to claim. For example, you can see what your estimated benefit will be at age 62, full retirement age and 70.
The longer you delay Social Security, the bigger your monthly checks will be. Remember that these editing tools are not guaranteed. Your benefits may be higher or lower than average.
You can still influence your profits if you continue to work. You can swap low-income years for high-income ones while giving your benefits more time to grow by delaying your claim.
Update personal information
It is possible for Social Security to make mistakes when recording your information. That’s why you should check basic information other than your income details, such as your name, date of birth and contact information. Any errors can slow down your application.
However, it’s not just checking your account to make sure everything is correct. Your account may also list other programs and benefits you qualify for, such as retirement, disability, survivor and Medicare-related benefits.
You should log into your account and review important information at least a few months before you consider claiming Social Security. That way, there won’t be as much of a delay between your desired start date and when you start receiving checks.
