Not checking your earnings record
Did you know that the amount of benefits you will receive throughout your retirement is completely based on your top 35 years of earnings?
This information has great value because if there are any errors in your Social Security earnings records, the amount of money you would receive monthly will suffer as well. For example, if an employer would fail to properly report your earnings for only one year, your monthly benefit upon retiring can be $100 less, as the Social Security Administration (SSA) has stated.
Let’s say $100 less isn’t the end of the world, but over the course of your entire retirement, that pretty much adds up to tens of thousands of dollars.
Even if employers are the ones who are responsible for reporting these earnings, you are also responsible for checking your earnings records, as you’re the only one who can confirm if the information is truly accurate.
If you want to learn how to review your earnings records, simply log into your mySocialSecurity account, and then create an account if you don’t have one yet.
Having been a CPA for over 40 years and having had the experience to have actually done the tax returns of dozens of retirees, I would disagree with your initial concern of taking your Social Security too early. Of course there are a few exceptions which is why it is worthwhile to discuss your particular situation with your tax preparer or financial planner. The amount of extra money you will receive will take many years to recover even at that higher income level. Meanwhile you have had use of the money.
Cash is king always try to pay for something in person with that there will be no discrepancy about whether the funds are available or not.