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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14093
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Hello: I will be 66 this October. I have 2-questions if you

Resolved Question:

Hello: I will be 66 this October. I have 2-questions if you could answer them for me.
1. If I elect to begin receiving benefits at 66, how soon before my birthday do I need to apply?
2. Social Security benefits go up 8% per year up to age-70 for every year I delay receiving benefits. So, assume this senario:
Assume I start my benefits at 66, but still continue working and paying into Social Security. Will I get any extra increase in my benefits (similar to the 8% delayed retirement increase?) I have not been able to find an online answer to this question. It seems there should be at least some portion of the 8% increase since I would not be the same load on the system as someone who quits working at 66, receives full benefits, and pays nothing more into the system. I currently earn about $63,000/yr and would like to continue working till 70 before full retirement. Thanks.
Harry Ronald Elliott; XXX-XX-XXXX; DOB: 10/19/1947; XXX@XXXXXX.XXX orXXX@XXXXXX.XXX
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you this morning?

Megan C :

The answer to your first question is that you should apply roughly 60 days before you want benefits to begin.

Megan C :

The answer to your second question is a little bit more complex. When you continue working, your benefit will only increase if that year is one of your top 30 years of working. Even then, the increase of your benefits is small - you won't get 8% per year or anything close to that

Megan C :

There are annual COLA increases that fluctuate but are typically 1-2%

Megan C :

But, social security bases your benefit on the highest 30 years of your earnings. This is beneficial for those who earned a lot during their career but work small jobs during retirement.

Megan C :

I'm not saying it's fair that there isn't a larger increase in annual benefit, I just have to tell you how the system is set up.

Customer:

That helps a lot. For me the big decision is about how much of a bump I can reasonably expect. I'm trying to decide whether to defer my benefits till 70, or take them this year while still working. My salary will continue as near the highest I've made over the past 30-yrs. Could it be as much as 2% on this basis?

Megan C :

Honestly, it won't be much. You're looking at maybe $25-$50 per month

Megan C :

if that

Megan C :

Your best bet if you want the biggest benefit possible is to defer

Megan C :

But keep in mind, if you do defer it will take you several years to break even, so if you are in poor health you may be better off financially if you just take the benefit at full retirement age.

Customer:

Hmmm - pretty discouraging; but I appreciate having at least some numbers to work with. I'm going to have to really think about this. Thank you very much.

Megan C :

You're welcome. If you are satisfied with our communication today, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14093
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and 2 other Social Security Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks, Harry for your positive rating. Please come back and visit me any time you need a question answered. It was a pleasure working with you today.

In a couple of days you may receive a short survey. Your positive feedback on that survey would be appreciated, as it will assist me with rankings on the site. Thanks again for being a valued JA customer.

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