WASHINGTON, D.C. — As the year draws to a close, experts say Social Security recipients may benefit from reviewing several key items before Dec. 31 to help avoid payment problems, tax surprises or reporting problems in 2026.
While the Social Security Administration does not issue an official “year-end checklist,” experts point out that the Social Security Administration’s official rules make the end of December an important time to verify information.
The first step is to review your earnings history, since Social Security benefits are calculated based on a worker’s highest earnings in 35 years. Incorrect or missing wages may reduce future benefits, and the SSA encourages workers to regularly check their records through their online mySocialSecurity account.
Social Security officials also recommend checking withholdings before January. Social Security recipients who want taxes withheld from benefits must file Form W-4V; the SSA handles the request, but the IRS oversees withholding rules.
For people who receive disability benefits, the SSA requires recipients to report work activity and income to avoid overpayments. Reporting can be completed online, by phone, or at a local office.
Officials also recommend verifying or updating direct deposit information before the new year to ensure January payments are not delayed. The SSA said beneficiaries should report bank account changes immediately so benefits are not sent to closed or inactive accounts.
Beneficiaries should also ensure that their mySocialSecurity accounts remain current through 2026. The portal contains income records, benefit estimates, payment schedules and other tools beneficiaries may need as the new year’s changes take effect.
Read the original article on cleveland.com.