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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4099
Experience:  35 years tax and professional advice in all matters money
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Q I attained FRA in 2013 and in that year chose to Commence

Customer Question

Q I attained FRA in 2013 and in that year chose to Commence and Suspend my benefit(I am continuing to work and my income is above the SS base). My earnings were above the SS earnings base for each of the 35 years including and prior to 2013 so my benefit was calculated at $2533(which I understand was the maximum retirement benefit for a person commencing benefits in 2013). I plan to commence my benefit in 2017 when I reach age 70.
My questions: I understand that my benefit will increase by 32% as a result of my delaying receipt of benefits until I reach age 70 but will my benefit also increase as a result of the increase ( from age 66 to age 70) in my A.I.M.E. over that 4 year period?
Also, will my wife's Spousal benefit(which she commenced when she was also at FRA in 2013) increase as a result of my increasing A.I.M.E.?
Thank you.
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax.

Expert:  PDtax replied 1 year ago.

Your AIME (average indexed monthly earnings) might increase using income from your last four years, of those years generate higher wages than prior years.

Expert:  PDtax replied 1 year ago.

Your spouse's benefit will also increase of your AIME benefit increases.

Expert:  PDtax replied 1 year ago.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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