Ask Larry

Calculating Retirement Benefits

Should I Start My Benefits This Year Because Of A Possible Drop In The 2020 Average Wage Index?

Hi Larry,
I have planned to start my Social Security retirement benefits in January 2022 when I will turn 70. But I am concerned about the possible drop in the average wage index from 2020 and it’s impact on my monthly benefits. Would it be better to start my benefits in December 2021 or wait one more month?


Wednesday, August 11, 2021 - 11:41

Is My PIA Available Online?

I delayed my retirement benefits for exactly 4 years from age 66 (FRA) to 70, and will soon start collecting. I’m trying to locate my PIA to estimate spouse’s benefit. Is it on my Social Security Statement or online? If not, is my current PIA simply my benefit at age 70 reduced by 32% (4 years of delayed credits)?

Friday, August 6, 2021 - 13:09

If I Earn Enough In The Years I Reach Age 63 And 64 Will Those Earnings Be Used When Calculating My PIA?

I've done a bunch of searching online and can't seem to find an answer to this question. I've read that you take the highest 35 years of earnings that go into the AIME number that is then applied to the bend point formula to get to your PIA at age 62. Then after age 62 the PIA is adjusted just by COLA just like other people receiving benefits. Then after the PIA is COLA adjusted you add the percent changes based of when you file for benefits (either being positive or negative changes) depending on when you claim relative to full retirement age.

Friday, August 6, 2021 - 10:00

How Big A Drop In Monthly Benefits Would I Incur If I Stop Working At Age 65?

I would like to stop working at 65 but not claim Social Security until my full retirement age of 67. However, I will have exactly 35 years of earnings on my record at 65, but two of those years are very low wage. If I work till 67 I would add $150,000 to my total earnings. How big of a drop in monthly benefits would I incur if I surrender those two highest income years?

Sunday, August 1, 2021 - 13:42

How Will My 2021 Earnings Affect My Benefit Rate?

Hi Larry i started collecting social security 2020 at 68 still working untill July 9 2021 and stop working .My ss benefits i recived $ 1865 from september last 2020 year until 1 april 2021 ,Now because last year incomei get ss increased to $ 1989,Last week i recived from my company check( severance pay + vacations) in total amounts $64,733.should i get next year higher ss benefits ,i got in total 36 years /in 1992 i earn only $ 1.782,so this ear income will replace 1992 year lowest income,please explain that to me.i lost recently job because company closed business.any additiona

Thursday, July 29, 2021 - 10:03

Will You Provide A Calculator For People Who Were Born In 1960?

Will you provide a calculator for people who were born In 1960 who are getting screwed over because of the Average Wage index is calculated when they tuned 60 during the pandemic? I would like to compare my 35 + years of earnings earnings indexed as if i had been born in 1959 or 1961 to see how badly i got screwed.

Thursday, July 22, 2021 - 16:06

What Will I Receive When I Start Receiving Social Security Retirement Benefits?

I am disabled and I am now 61. I must now file for retirement, I do have just 40 credits. I now make $794. MONTH WHAT WILL. I make now. Possibly?

Hi. The amount of your Social Security retirement benefit would be calculated based on an average of your 35 highest years of Social Security covered wage indexed earnings. Without knowing that amount, I can't give you an estimate of your benefit rate.

Wednesday, July 21, 2021 - 10:30
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.