Will My Social Security Rate Increase If I Stop Working?

Dec 9 2016 - 1:15pm

I took early retirement at age 62 because I had total knee replacement then I had Lumbar Spinal Fusion Surgery. I went back to work part-time 2014 then full time since June 2016. I turned 66 November. I received $616 from S.S. I make $11.50 an hour. If I stop working now will my SS increase?

Hi,

Probably not, or at least not by much. Your Social Security retirement benefit rate is based on your best 35 years of inflation adjusted earnings, so you may or may not be due a bit of an increase based on your recent work and earnings.

Once you've received your W-2 form(s) for 2016, you may want to take them to your nearest Social Security office and request a recomputation of your benefit rate. You would eventually receive any increase to which you are entitled automatically, but you might be able to expedite the process by making a formal request. Again, though, this is unlikely to make much, if any, difference in your benefit rate.

Also, if any of your monthly benefits were withheld due to the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html), you may also be due a rate adjustment to credit you for months that your benefits weren't paid. That adjustment would also be done automatically, if applicable.

Best, Jerry