Retirement Benefits

Will My Benefit Rate Go Up Because Of My Future Earnings?

I drew my Social Security at age 65 and took a cut of 1 year. I am still employed and making more than i did before. My question will my benefit payment goe up in future earnings at all

Hi,

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 could only increase your benefit rate if they're higher than one or more of the 35 years currently being used to calculate your benefit rate.

Best, Jerry

Is It True That My 2020 Earnings Won't Be Used To Calculate My Benefit Amount If I Retire Early In 2021?

Hello Larry. I am planning to retire in February 2021 at 65.5 months, which is a bit less than a year from my full retirement age. My earnings in 2020 will be among my highest over 35 years. I have been told (by someone who purports to know about these things) that my earnings for 2020 will not factor into my benefit calculation since I plan to retire at the beginning of the year, and these 2020 wages may not be reported to social security in time. Is this true?
Thank you.

Hi,

Can You Tell Me About Social Security's Benefit Formula?

Larry, I am at full retirement age and drawing SS while working full time. However I'm making more money now than the last 35 years. I am making about $5,000 more per year. When Social Security recalculates my earnings of that $5,000 more last year can you tell me about what formula they use so I can get an idea of how much that will increase my monthly benefit. Thank you.

Hi,

How Much Extra Will I Receive When I Reach FRA?

I receive social security now and still work. I have missed out on about $20000 because this was deducted because im working.How much will i receive extra monthly when i reach FRA?.

Hi,

How much your benefit rate might increase when you reach full retirement age (FRA) depends on your benefit rate and the number of months that your benefits are withheld prior to FRA as a result of your earnings.

Is It Good Or Bad To Claim My Benefits Early?

I am 60 years old and haven't worked in years due to my many years of incarceration and parole status. I have no young children and I want to apply for Social security, is that good or bad.

Hi,

The earliest that you can claim Social Security retirement benefits is at age 62. The only way that you could potentially collect benefits based on your own Social Security earnings history is if you are disabled and qualify for Social Security disability (SSDI) benefits.

Will My Wife's Full Retirement Age Rate Go Down If She Stops Working?

My wife has worked for the airlines for 35 years. She is currently 62 and may be forced to retiree. She’s concerned if she retires now , doesn’t pull social security until 66 and 8 months, and no longer earns income until then, will her her social security benefits listed today remain the same or be reduced because she didn’t work for 4-5,years before pulling at 66 and 8 months. I look forward to your insight.

Hi,