Americans receive less Social Security money due to false records

AMERICANS may receive less Social Security money due to missing or incorrectly filed documentation.

Seniors will get their next SS payment, worth up to $1,657, in the next few days as the month of April rolls in.

Retirees may receive less Social Security money due to false records


Retirees may receive less Social Security money due to false recordsPhoto credit: Getty

SS benefits depend on your entry age and annual income.

Workers would have had to earn at least $147,000 per year over 35 years of employment to claim the maximum benefit.

You’d also have to delay filing for Social Security until age 70 if you qualify for your biggest possible checks.

The Social Security Administration calculates retirement benefits using their highest 25 years of earnings as a basis.

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If any of these documents are incorrect or missing, the average benefits will be negatively altered.

A single error or earnings gap in your earnings history can affect your SS benefit calculation.

Potential retirees would have to prove wrong if asked by the SSA.

“An income record may be corrected at any time up to three years, three months and 15 days after the year in which wages were paid or self-employment income was derived,” the SSA policy says.

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According to the SSA, the best way to avoid missing out on benefits is to document your annual employment history and SS payroll records.


The best way to increase your SS benefits is to wait until you reach the full retirement age of 70 to file.

Depending on your benefit level and the age at which you start paying out, you could almost double the benefits you receive each month.

Deferring retirement credits is a financial reward for receiving SS benefits.

Credits begin the month you reach full retirement age (66 and four months for those born in 1956, gradually increasing to 67 for those born in 1960 and later).

For every month from your full retirement age until age 70 that you defer claiming benefits, the Social Security Administration increases your eventual benefit by about two-thirds of a percent—a total of eight percent for each year you wait.

That means retirees who reach full retirement age at 67 but delay applying until 70 will receive an additional 24 percent of their monthly pension.

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If the average benefit is $1,500, your check could now be reduced to $1,050 by the time you retire at 62.

If you wait until 70, that check is about $1,888, assuming average benefit and an 8 percent annual accumulation from full retirement age.

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