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Will My Benefits Increase If I Work Past Age 70?

My wife worked until 65 and then retired and took her SS. I do not have a continuous work history due to loss of kidneys and a blood disease. My last year of income was 2013 and it was for approx 65k. In 2016 I was 66..as was my wife...I applied for benefits under her. I now would like to withdraw from that and file before my 70th birthday 04-20 for my own SS. I will also be well enough using PD Dialysis at a job office to work where they have offered me about $2,700 per week. Not sure how long the project will go but I estimate at least a year. Will that increase my SS benefits if I work past 70..at least for a year and earn more money than I was earning when I got sick?

Hi,

Earnings after age 70 can be used to increase your Social Security retirement benefit rate. However, your rate will only increase if you earn more in a future year than you did in one or more of your 35 highest earnings years that were previously used to calculate your benefit rate (https://www.ssa.gov/pubs/EN-05-10070.pdf). But, if you've had earnings in fewer than 35 years then any additional Social Security covered earnings will almost certainly raise your benefit rate at least somewhat.

By the way, you mention withdrawing from your spousal benefits and filing for your own benefits, but you wouldn't actually want to withdraw the claim that you filed for spousal benefits. All you'll need to do is file an application for your own Social Security retirement benefits, and if those benefits are higher than your spousal benefit rate your spousal benefits will be terminated when your own benefits start.

Best, Jerry

Category: 
Posted: 
Jan 16 2020 - 11:03am
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