I turn 65 in June 2022 and am thinking of quitting work in August and starting social security at that time. I will have made more than the maximum in the 7 months of 2022, how will my social security be affected? Will I be penalized in my checks from Aug-Dec or will I even be able to collect? Also, 2022 will not have posted yet but even part of the year will be higher than some of my lower wage years, will this be recalculated in 2023?

Hi. The monthly retirement test would allow you to be paid for any month that you earn less than $1630 in 2022, regardless of how much you earn during the calendar year (https://www.ssa.gov/benefits/retirement/planner/rule.html). However, your best strategy for claiming benefits depends on a number of different factors, so you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. If you start drawing benefits this year and if your 2022 earnings are among your highest 35 years of wage-indexed earnings, then your benefit rate can be recalculated to include those earnings after the year is over. Such recalculations are done automatically by Social Security.

Best. Jerry