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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I keep reading about April 30 as a date that will make a major

Customer Question

I keep reading about April 30 as a date that will make a major difference in the
amount of monthly social security payments. Is this fact or fiction?
Alan R Brudos *****
Atherton CA 94027
I would appreciate your response. Thank you,
Submitted: 5 months ago.
Category: Social Security
Expert:  lev-tax replied 5 months ago.
Partially correct - but in most circumstances - that is a fiction.Under the current law when you reach the FRA (full retirement age) - you may file a restricted application. The restricted application allows you to delay your social security benefits and keep them grow till age 70 and you become eligible to claim a spousal benefit based on YOUR spouse s earnings record.The law which we are discussing is The Bipartisan Budget Act of 2015 on 11/02/2015 it Became Public Law No: 114-74Here is the document that specific provision will be in effect starting May 1st of 2016.See SEC. 831. CLOSURE OF UNINTENDED LOOPHOLES.on page 26 in this document.
Expert:  lev-tax replied 5 months ago.
You may not just increase your benefits because you need more money...There are rumors - that if you know some magic words - and the that to SSA agents - they will provide additional benefits...I bet SSA employees are laughing on that - but they are not happy as lots of people keep calling and asking to increase their social security benefits....I just want to ensure you that there is no magic words or secret information or anything like that...HOWEVER ...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.So depending on your earning record - it is possible that there are some missing years or earning.Also additional years of earning might increase your benefits.If so - that could affect your social security benefit calculations and you may contact the Social Security Administration and verify if all information is correct.Following publication might be helpful for better understanding the calculations. me know if you need any clarification this matter.