Do I have any options?

Jun 28 2016 - 4:00pm

Dear Larry,
I'm single, never married, never had dependents. I'm 66 and began collecting Social Security retirement benefits at 62. I get less than $300/mo. because I worked for county government for 13+ years and the county has its own retirement plan independent of Social Security. So I get a monthly pension from the county. Are there any options that I should know about? Thanks very much.

Larry,
There are two ways that you can increase your Social Security retirement benefit.
First, you can suspend receipt of your benefit and earn a 2/3% increase for every month of suspension until age 70.
Second, you can work and increase your years of substantial earnings under Social Security. The effect of the Windfall Elimination Provision (WEP) phases out as you increase your years of substantial earnings from 20 to 30 years. Please see: https://www.ssa.gov/pubs/EN-05-10045.pdf.

Best,
Mike