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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by If you\u2019re feeling a bit worried about retirement, particularly your Social Security benefits<\/a>, you certainly aren\u2019t alone. Given the ongoing macroeconomic turbulence<\/a> and uncertainty, many Americans are looking toward their golden years with at least a bit of trepidation.<\/p>\n However, being prepared \u2014 and safeguarding your Social Security benefits \u2014 against errors, improper withdrawals, damaging taxes, and scams or theft is vital to ensuring your financial health as you age. <\/p>\n Here are a few key concepts to keep in mind to ensure you\u2019re doing all you can to protect your entitlements.<\/a><\/p>\n 1. Checking Your Earnings Record Through Your SSA Account<\/p>\n This one is simple enough, but often overlooked: You should immediately log into your Social Security Administration (SSA) account to verify each year\u2019s wages, fixing any errors present to ensure accuracy. Doing so could mean that you\u2019re not being shortchanged in terms of your future benefits.<\/p>\n Your Social Security statement is the document you\u2019re looking for, and this can either be accessed online or requested by mail.<\/p>\n 2. Watch Out for FRA (Full Retirement Age), as Well as Potential Medicare Penalties<\/p>\n A two-parter: First, be sure to understand your full retirement age (FRA)<\/a> as it pertains to your upcoming Social Security benefits. For most people eyeing retirement at this point, that age is 67 \u2014 for those born in 1960 or later \u2014 but could be as early as 66.<\/p>\n Retiring at age 62 rather than one\u2019s FRA can reduce benefits by as much as 30%, with spouse\u2019s benefits being slashed by as much as 35%.<\/p>\n Secondly, consider Medicare coverage<\/a> as part of your Social Security planning. Your chance to sign up typically begins when you\u2019re about to hit 65 \u2014 the three months before your birthdate, and the three months after the month you turn 65 are referred to as your initial enrollment period.<\/p>\n Miss this, and you may have to wait to sign up, and could face a monthly late enrollment penalty for as long as you have Part B coverage. Other penalties are also possible, so be sure to consult Medicare.gov on the matter.<\/p>\n 3. Scammers and Your Social Security Benefits<\/p>\n The Office of the Inspector General is clear: Scammers are increasing in both volume and intensity, and they\u2019re targeting Americans\u2019 Social Security benefits.<\/p>\n Whether they claim to be government employees or representatives of major financial institutions, remember that Social Security Administration staff will never threaten, pressure or harass you. If you have any doubt about the legitimacy of a call or email, end the conversation immediately and contact the SSA \u2014 or your bank, if that\u2019s the supposed source \u2014 using a verified, publicly listed number to confirm the details.<\/p>\n 4. Power of Attorney vs. Representative Payee: Know the Difference<\/p>\n According to the SSA, more than 8 million Americans receiving Social Security benefits or Supplemental Security Income (SSI) payments<\/a> require assistance in managing their money, for one reason or another.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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