Ask Larry

Calculating Retirement Benefits

Will Social Security Use My Medicare Earnings If They Are Higher Than My Social Security Earnings?

I noticed on the social security earnings record that my for three years my social security earnings where different/lower than my Medicare earnings. For example in 1989 my ss earnings were $4,217 but my Medicare earnings were $26,183. I am unsure why there is such a disparity in the earnings. Will social security use the Medicare earnings if they are higher than the social security earnings? If not how can I correct the record if I am unable to locate my W-2 or tax forms? Thank You

Thursday, May 18, 2023 - 12:34

Isn't It True That People Turning 62 in 2023 Or Later Missed Out On The Past Two COLA Increases?

Hi Larry. Given that (1) all Social Security COLA increases occurring after a person turns 62 are added to their Social Security retirement benefit rate, and (2) the indexes used on social security earnings becomes a constant 1.0 at age 60, then is it correct to conclude that someone who becomes 62 in say December of 2023 unfortunately missed out on two of the best consecutive adjustments in recent history (namely the 5.9% COLA of 2022 and the 8.7% COLA of 2023 (a combined 15% increase)? Is this just an unfortunate fact of timing that, or am I missing something?

Tuesday, April 11, 2023 - 14:50

Can I Get Social Security Credit For My National Insurance Contributions In The UK?

I worked in the US for 7 years and then moved to the UK in 1985 and worked there until I moved back to the US in 2016, where I am now working again. Right now, according to Social Security, I did not work between 1985 and 2016. I understand that there is a reciprocal agreement between the US and UK. Can I get social security credit for my National Insurance contributions in the UK? I'm almost 69, so will need to start taking social security in about a year and a half. Thank you.

Wednesday, March 15, 2023 - 18:05

If I Continue Working After Claiming Benefits Will Those Years Count Toward My 35 Year Average?

Larry, if I draw at FRA 66 & 4 months and continue to work full time, will those years count toward my 35 year average.

Hi. Yes, but only if you earn enough to increase your benefit rate. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so additional years of earnings only increase a person's benefit rate if they're higher than one or more of the 35 years currently being used to calculate the person's benefit rate.

Friday, January 13, 2023 - 15:53

How Is The Benefit Rate Calculated For People Who Start Benefits Early But Have Some Of Their Benefits Withheld?

Hello Larry I think you or your softwares
You know
Duke working and start his social security
Age 64 his benefits month 1500 dollar
he worked more than social security limit
So social security with hold dollar social security withholds duke money during work period 20,000
So duke reach full retirement age 66
How to calculate social security
And added his benefits
Write me as my answer
Thanking you

Friday, December 9, 2022 - 12:03

Will My PIA Be Increased By The 8.7% COLA Even If I Only Earned $3K In 2022?

Hello Larry thanks for what you do!
Question 1: I am now 62 years old and will turn 63 in January 2023, will my PIA amount be increased by COLA 8.7 % plus 5 % = 13.7 % total even though I have only earned 3 K dollars in 2022? I have not applied for benefits yet. Question 2: what does the sentence on social security statement mean "if you continue to work and earn X amount of dollars your benefit will be " does that mean I lose benefits by not working beyond 62 ? Does my current PIA get reduced? I already have my high 35 years worked .

Friday, November 18, 2022 - 12:27

Is My Understanding Correct?

I think I understand the following:
At age 70, take my fra pia and multiply by last 4 colas.
Multiply that number by 1.32 to apply drc for 4 yrs.
The result should be my benefit if I didn't work after fra.(66)
Is it possible to get rule citations in case I need to educate ss ?

Thursday, November 3, 2022 - 17:17

Will The Contributions From My Part Time Work Increase My Benefit Rate When My SSDI Turns Into Retirement?

Started receiving SSDI in my late 30s. I did a trial work period and then kept a part time, 12 hrs a wk, job while collecting benefits. Social Security taxes were deducted from pay for 5yrs. What happens to those contributions? Will they be included in my Social Security benefits when SSDI turns into retirement Soc Sec.? Will it increase the amount of my retirement Social Security?

Sunday, October 23, 2022 - 12:45
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