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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Ive been hearing of a raise benefits. What do we need

Customer Question

Ive been hearing of a raise for ssd benefits. What do we need to do to receive a raise in our benefits? Than k you, Leland & ***** ***** Gladewater Tx.
Submitted: 6 months ago.
Category: Social Security
Expert:  lev-tax replied 6 months ago.
I am afraid - we would not have social security benefits (or disability benefits) just increased.They are getting increased based on COLA - but not for 2016.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 the Social Security Administration 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.https://www.ssa.gov/pubs/EN-05-10070.pdfLet me know if that answered your question?
Expert:  lev-tax replied 6 months ago.
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 the Social Security Administration 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.https://www.ssa.gov/pubs/EN-05-10070.pdfLet me know if that answered your question?

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