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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4186
Experience:  35 years tax and professional advice in all matters money
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I turned 65 in June of this year and am still working. I

Customer Question

I turned 65 in June of this year and am still working. I work part-time for a company and do consulting work. I will make $80000 - $90000 this year and probably $50000 - $60000 next year. I have some health problems so I am not projecting a long life span. I understand that if I request social security now I will not receive an actual payment because I am making too much money. I have heard that the benefits I would have received if I wasn't making too much will accrue month after month and I when I reach full retirement age I will begin to receive my regular benefit and a supplemental payment that comes from my accrued benefits. Is this true, and over what period of time will the accrued benefit payments be paid to me? Thanks.
Submitted: 5 months ago.
Category: Social Security
Expert:  PDtax replied 5 months ago.

Hi from just answer. Great question. I'mCustomer

Benefits lost due to wage income do not just accrue for lump sum payment. They are used to increase future benefits, by increasing monthly payments once you can receive them. Your calculated benefit is reduced for claiming early, but the list benefits act to increase future monthly payments.

Since you can collect a full benefit at full retirement age regardless of your working, deferring still makes sense for the short period of early benefits you lose.

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