How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lev-tax Your Own Question
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Social Security Question Here...
lev-tax is online now
A new question is answered every 9 seconds

MY NAME W FORD AND FOUR YEARS OLD AND AM STILL WORKING.I

Customer Question

MY NAME DONALD W FORD AND I AM SEVENTY FOUR YEARS OLD AND AM STILL WORKING.I HAVE PAID IN SOCIAL SECURITY TAXES FOR THE LAST FIVE YEARS FOR A TOTAL OF OVER FIVE THOUSAND DOLLARS AND HAVE HAD HARDLY ANY INCREASE IN MY SSI. CHECK. PLEASE TELL ME WHY BECAUSE OTHER PEOPLE I KNOW IN THE SAME SITUATION HAVE BEEN GETTING RAISES RIGHT ALONG.MY SSI#414628267 PLEASE ASWER .THANK YOU
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

Many people wonder how the SSA figures their Social Security retirement benefit.
The Social Security Administration bases Social Security benefits on your lifetime earnings. They adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received.
Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most. And after that- they apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount.”
This is how much you would receive at your full retirement age — 65 or older, depending on your date of birth.

So if your current earning is lower - and these years are NOT included into g the 35 years in which you earned the most - your social security benefits are NOT recalculated - and may be only affected by COLA adjustment.

Expert:  lev-tax replied 1 year ago.

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.