Just turning 70 and never compared Social Security earnings to IRS records - what steps do I take now?

Don't panic! I was in a similar situation when I applied at 67. First, create a my Social Security account at ssa.gov if you haven't already. You can review your entire earnings history there. Look for any years with zero earnings or amounts that seem too low compared to what you actually earned. The good news is the SSA can correct earnings records even from many years ago IF you have documentation. You'll need W-2s, tax returns, pay stubs, etc. for any years you find discrepancies. I discovered three years in the 1990s where my earnings weren't properly recorded, and I was able to get it fixed with old tax returns.

There's a statute of limitations for correcting earnings records, but it's pretty generous. Generally, you have 3 years, 3 months, and 15 days from the end of the year in which the wages were paid to correct errors. BUT - and this is important - if you can prove the error with documentation, SSA can make exceptions even decades later under what they call 'administrative finality' rules. IRS transcripts can definitely help if you don't have the original returns. I recommend requesting transcripts for any years you're unsure about through the IRS website - they go back quite far. Also, when you apply for benefits, mention this concern to the SSA representative so they can help review your record.

I went thru something like this. You should be OK! I applied at 66 and had never checked my records either lol. Everything turned out fine except one year where my employer had reported under the wrong SSN. The SSA people were actually really helpful with fixing it.

Just to add some clarity here - turning 70 means you MUST start receiving your retirement benefits then (no more delayed retirement credits after 70), but it doesn't mean there's a rush to fix earnings record issues. You can start your application now, begin receiving benefits at 70, and still pursue corrections to your earnings record afterward. Any corrections that increase your benefit amount will result in retroactive adjustments. Also, focus on reviewing your highest 35 years of earnings - those are the only ones that count toward your benefit calculation. If you find errors in years that wouldn't be among your highest 35, don't waste time correcting those.

@confused - Social Security calculates your benefit using your highest 35 years of earnings (adjusted for inflation). If you worked fewer than 35 years, they'll use zeros for the missing years. So if you worked 30 years, they'll use those 30 years plus 5 years of zeros in the calculation. That's why working at least 35 years is ideal for maximizing your benefit. @OP - To directly address your original concern: If you've consistently reported your income correctly to the IRS throughout your career, the chances of major discrepancies with SSA are actually fairly low. The two systems generally reconcile information. The biggest risk would be from employers who didn't properly report your earnings to SSA or cases where you had self-employment income but didn't pay self-employment taxes.

My sister had this same worry when she turned 69 last year! She found 2 errors from the 1980s when she worked for a company that went bankrupt. Took her FOREVER to get through to someone at SSA to fix it. She had to call like 50 times and kept getting disconnected or told to call back later. Super frustrating! But once she got through, they were helpful. Just be prepared for the phone nightmare.

Thank you all for the helpful responses! I'm feeling much more confident now. Here's my plan based on everyone's advice: 1. Check my detailed earnings record on mySocialSecurity 2. Request IRS transcripts for any questionable years 3. Start my application process now since I'm turning 70 soon 4. Mention my concerns about the earnings record when I apply 5. Focus only on correcting years that would be in my top 35 I'll report back once I've gone through the earnings history. Fingers crossed there aren't any major issues!

Good luck! And don't forget to decide about Medicare too if you haven't already! That's a whole other thing to worry about lol