IT IS possible that you’re getting the wrong Social Security payment — but fortunately, there’s a way to fix this problem.
First of all, you should know that part of your Social Security benefit depends on how long you have worked and how long you have earned.
For example, you have to work 35 years, or a zero is averaged for each missing year.
Assuming you meet this threshold, your highest 35-year earnings on record will count toward your benefit.
However, it is possible that the benefits are false.
According to AARP, a Social Security Administration (SSA) inspector general found that between 1932 and 2012, claimants were not credited with $1.2 trillion due to reporting errors.
Some of these mistakes include missing work history or incorrect income.
This could have happened because you changed your name and failed to notify SSA.
It’s also possible that your employer misreported the income or used the wrong social security number with the SSA.
Why getting higher payments is a problem
Those receiving higher payments may feel they are best placed to remain silent until the SSA finds out.
Well, if you choose this route, you might be in for a big surprise.
In this case (even if the SSA is at fault) you must reckon with invoices demanding immediate repayment of the overpaid benefits.
Failure to comply may result in the SSA withholding some or all of your monthly payments until the agency is repaid.
Recently, a prospective applicant named David found himself in a similar situation with a Social Security declaration.
how to repair
Whether you’re getting an overpayment or an underpayment, there are a few steps you can take to resolve the issue.
First, you can verify the error yourself by logging into your social security account.
There you should be able to check your earnings history every year.
A good way to confirm this is to take a look at your W-2 forms or anything else that shows your annual income.
Once the error is found, contact the SSA as soon as possible and inform them of the error.
In the meantime, SSA says you may have limited time to fix the issue.
“A record of earnings 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 earned,” it said.
But there are certain circumstances after this period where corrections are allowed.
This includes fraud, an “obvious error” or where an investigation was opened before the deadline.
It is therefore important to ensure each year that your earnings are entered correctly.
For the full list of exceptions see page 1424 of the Social Security Handbook.
The SSA can be reached at 1-800-772-1213.
For more information on pension benefits, The Sun shares how 600,000 people will be enrolled in a new scheme.
This retirement mistake could cost you more than $1.2 million in your golden years.
We also break down four reasons why your savings aren’t growing.
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https://www.the-sun.com/money/5014231/wrong-social-security-benefit-fix-how/ You could be getting the wrong Social Security benefits