Ask Larry

WIll My Benefit Rate Go Up Now That I'm 75 And Ready To Retire?

I told early ss at age 62 but kept on working part time. I’m now 75 and ready to retire from part time job which was 30 hours a week will my social security go up than you

Hi. Your benefit rate wouldn't go up as a result of your retiring, but it could potentially increase if you've earned enough recently. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so your additional years of earnings would 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.

Social Security automatically recomputes benefit rates to consider any additional Social Security covered earnings that a person produces after claiming benefits. Therefore, if your earnings since you filed for benefits have been high enough to increase your benefit rate then your benefit amount should have already been increased. But, Social Security almost certainly hasn't yet recalculated benefits to consider earnings from 2020 and 2021 yet, so it's at least possible that you still may be due an increase based on your earnings in those years.

Best, Jerry

Posted: 
Aug 4 2021 - 11:30am
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