Tax season is a great time to make sure your Social Security statement accurately reflects your earnings history. You will have all the documents you need at your fingertips to correct any mistake.
The annual statement details how much you earned each year to estimate monthly benefits, which are based on an average of your highest 35 years of earnings. An error in your earnings history could cost you thousands of dollars in retirement.
"Just like you review your 401(k) statements, you need to check your Social Security statements because it is a big part of your retirement income," said David Freitag, a financial planning consultant at the MassMutual Financial Group.