Benefit Amount

Why Does The Benefit Estimate I Received From Social Security Appear Too High?

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My SS statement says I will receive $3571/month in benefits if I wait to draw SS when I reach 70. I am just turning 61 and have stopped working, so I have zero earned income. I maxed out my SS taxes for 27 of my 35 highest earnings years. I verified the benefit quoted on my statement via the online SS benefits estimator where it uses your personal information to compute the benefit. I enter ZERO for future earnings. I also downloaded the native Windows app available from the SS site and it also computes $3571 as my benefit when I manually enter all my historic wages.

Will My Benefits Be Recalculated To Include Higher Earnings?

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I filed and suspended when I turned 66 (I'm 67 now). I salary increased substantially this past year so will my PIA be recalculated to reflect the higher 35 year average when I actually take benefits at age 70?

Hi,

Yes, Social Security automatically recalculates the benefit rates of beneficiaries who have earnings high enough to raise their benefit amount, even if their benefits are in suspense (https://www.ssa.gov/pubs/EN-05-10070.pdf).

Best, Jerry

What Earnings Years Can Be Used To Calculate My Retirement Benefit?

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I always read that social security benefits are based on your highest 35 years of work. Very occasionally I also read the disclaimer that this means the highest 35 years of work starting the year after you attain the age of 21. If so, that would exclude any years of work prior to age 21. When I read my earnings history it appear I paid into social security during my teen years and in ages 20-21.
So when exactly do those 35 years of work begin? Thanks for the clarification.

Hi,

Why Didn't My Benefit Increase With Additional 2016 Earnings?

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I am a single person (never married) and will turn 70 at the end of October 2016 (29th) and have NOT started to receive SS benefits yet. The first payment will be scheduled for the beginning of November 2016.

Using the IRS on-line calculator and entering the exact amounts from the SS statement received in the mail the following was shown: for the year 2016 earnings of zero (worse case since I am self-employed) was put into their calculator and the benefit amount came out to $3240 per month.