Hi Larry,
How are you?
I will be one year past my FRA in January 2023 and plan on working another 2-3 years
and will exceed the limits on taxable income for those years as regards SS taxes.
I have 2 sons who are 10. My reading of the FMB from the SSA website is that the
FMB is calculated based on my PIA at FRA and not any further increases even though
I will continue working and exceed the SS taxable income limits. Is this incorrect or
will my FMB payments increase each year regardless of any COLA increase?
Also, aside from the FMB, will my monthly benefit (PIA - if the terms are synonymous)
increase by the same percentage as if I were not receiving SS payments or would the
monthly benefit be increased at a reduced percentage? The kids fall off the SS radar in
8 years. I also presume the SSA will have to be notified somehow that I am still working
when I do apply for benefits - not sure what and how the information needs to be communicated.
Thank-you for your time.
/r
John, Mark and Robert

Hi. No. Your family maximum benefit (FMB) and your primary insurance amount (PIA) can both be adjusted to consider additional Social Security earnings that you have after you reach your full retirement age (FRA). A person's PIA and FMB are calculated based on an average of their highest 35 years of Social Security covered wage-indexed earnings, regardless of the person's age at the time they produce the earnings.

Benefit recalculations to consider earnings after a person starts drawing benefits are done automatically, so you shouldn't need to do anything to get any benefit rate increases that are due to you and your family.

It sounds like you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry