Ask Larry

Calculating Retirement Benefits

Will Social Security Recalculate My Benefit Rate Since I'm Earning More Now Than I Did In In Some Of The Years They Used To Calculate My Current Rate?

I delayed drawing my SS until age 70. I have continued to work an would like to know if they will recalculate my 35 years to include my wages now. I earn. much more than some of the years they calculated my rate on. Hope you can help with this as I get different answers from SS. Thanks, Carol

Sunday, August 7, 2022 - 13:57

Will My Current Earnings Replace Lower Years And Increase My Benefit Amount?

Hello Larry, I have several years of $0 to $3,000 of earnings within my 35 year base period. I have started drawing my benefits last year at 681/2. I continue to work part time earning approximately $12,000+ annually. Will my current earnings offset those years of low income and readjust my monthly benefits?
Thanks, Mark

Friday, August 5, 2022 - 11:54

Should Social Security Recalculate My Benefit Rate If I Earn More Than I Did In One Of My Previous Highest 35 Years Of Earnings?


I have a question regarding working after reaching FRA while collecting social security benefits regarding whether benefits increase due to higher current earnings than in the 35 best years used to calculate benefits in 2020.

Thursday, June 23, 2022 - 14:10

Can I Improve My Situation By Giving Myself A Salary?

I am 74 ( born 1947) and have not contributed certain years therefore have gaps, maybe 7 or 8 years where i made no contribution to social security
i am still working part time and can give myself a salary and pay into social security
My understanding is that i still can improve my situation ( i get only $1370 a month ) by filling the years of no contribution.
My accountant doesn't think so, thinks it is a waste to contribute after 70.
What is your understanding?

Friday, June 17, 2022 - 13:04

Can You Help Me Understand If Working At A Lower Salary For The Next Five Years Will Significantly Reduce My Benefit Amount?

I was born in 1963. I have in 35 years of work. I have worked for a corporation for 29 years, but have retired from the company and will work for a school system for the next 5-7 years. My salary in 2022 is roughly 4 times what it will be for the next 5 years. People keep telling me that having the lower salary will lower my social security benefit. Some say that my benefit will only be based on the last 5 years. I don't understand why if I already have in 35 years. The ssa site calculator does show my benefit going down by $65/mth.

Sunday, June 5, 2022 - 12:31

What Percentage Reduction Would Be Applied To My Benefit If I File Now?

Larry answered "Just to clarify, though, benefits withheld due to the earnings test or FWT are not returned to the beneficiary. Instead, the person's benefit rate is adjusted as explained above to remove part or all of the reduction for age that was originally applied to their benefit rate"

This looks like it could be a strategy to evaluate. I assume your software can run this 'what if' scenario for all of this?

Tuesday, December 28, 2021 - 07:57
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