The division where I worked was sold in 2013 to a private equity group. We were declared bankrupt in 2015 - all employees were laid off. I started Social Security early before my full retirement age - while still having a part time job. When I do reach my full retirement age will my Social Security payment go up?

Hi. Your benefit rate won't go up as a result of reaching full retirement age (FRA) unless some of your benefits have been withheld due to Social Security's earnings test. If a person starts drawing Social Security retirement benefits prior to FRA and if some of their benefits are withheld due to their earnings, Social Security adjusts the amount of reduction for age applied to their benefit rate effective with the month they reach FRA. If you haven't lost any benefits to the earnings test, though, then no adjustment in your rate will occur when you reach FRA.

The only other way that your benefit rate could increase aside from cost of living increases is if your current or future earnings are higher than one of your highest 35 years of earnings currently being used to calculate your benefit rate. Social Security retirement benefits are calculated based on an average of a person's 35 highest years of Social Security covered wage-indexed earnings, and their benefit rate can be recalculated following any year in which the person earns more than the amount of one of their previous high 35 years of earnings.

Best, Jerry