What to Do If Your Social Security Benefit Is Lower Than You Expected

In the course of preparing for retirement, one of the most important things you can do is create an account on SSA.gov to see what monthly Social Security benefit you're in line for. That way, you'll know what sort of check to expect once you bring your career to a close.

But what if the number on the screen is lower than you expected? Getting less out of Social Security could throw your retirement finances for a loop, so it's important to take action.

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1. Verify your earnings record

Your Social Security retirement benefit is based on your 35 most profitable years of wages. If your benefit is lower than you think it should be, it's important to verify your wage history.

Go into your Social Security account and access your earnings statements through the years. They should list your reported wages. If you spot an inaccuracy that could lead to lower benefits -- for example, a year where you have $10,000 of wages on file instead of $90,000 due to a job or name change -- that's the sort of thing you'll want to flag to the SSA.

2. Look at options to increase your income

Just because your incoming Social Security benefit is lower than expected doesn't mean that the number isn't correct. If you're looking at smaller monthly checks, your best bet is to work on boosting your income in other ways.

If you're still working, you could consider extending your career a few more years to grow your retirement savings. Working longer could also help you delay your Social Security claim and receive larger monthly checks. Each year you wait beyond full retirement age, up to age 70, gives your monthly benefits a permanent 8% boost.

You can also consider working part-time as a retiree to supplement your Social Security checks. You're allowed to earn money from a job while receiving benefits.

Just be aware that if you file for Social Security before reaching full retirement age, you'll be subject to an earnings test. Making too much money in that situation could result in having some of your benefits temporarily withheld.

It's important to take action

A smaller-than-expected Social Security check can be frustrating, upsetting, and scary. After all, you're probably relying on that money to make your retirement budget work.

But make sure that the smaller number you're seeing isn't due to a mistake. And if you're truly looking at stingier checks than expected, saving more and continuing to work could come to your rescue.