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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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im 70 and one month and just got my first ss check. i have

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i'm 70 and one month and just got my first ss check. i have earned for more than 35 years and will continue to earn more than the maximum that is subject to the social security deduction. my question is will that increase my social security benefit more than if i stopped working? by how much?

Megan C :

Hello, how are you doing tonight? My name is XXXXX XXXXX I will be happy to help you tonight

Megan C :

I'm impressed that you have had such a long career! I hope I am that blessed one day

Megan C :

Your social security benefit is based on the highest 35 years of your earnings. If you already worked 35 years where you made the maximum, continuing to work over the maximum will not increase your benefits

Megan C :

However, if you have not worked 35 years making over the limit then your benefit would be increased

Megan C :

However, I could not tell you how much your benefit would be increased - this information would need to come from social security

Customer:

so what your your saying is that even though i'm paying more into ss this year than last because max has been increased it doesn't increase the amount i will get in the future?

Megan C :

Not if it's not one of your highest 35 years of earnings.

Megan C :

If it is one of your highest 35 years of earnings it will

Customer:

since i have always earned more that the max for actually 50 years, of course, since the max is increasing each year, each year will become my highest earning year. therefore my benefit should go up, no?

Megan C :

Yes, but I would not be able to calculate how much. Social security would have to do that calculation, unfortunately

Customer:

well, that was my next question. what is the formula?

Megan C :

If you log into your account on ssa.gov, it will give you the estimate. This is updated annually when your earnings get reported to social security

Megan C :

You can also use the tool AVAILABLE HERE which will access your records.

Customer:

yes but they will not have my 2013 earnings until the end of the year right? i guess since i just got my first check it was based on my 2012 earnings so i should wait i think?

Megan C :

They won't have your 2013 earnings until sometime after the end of January. Your estimator would only factor in 2012 and earlier, so it would not be able to tell you if you had an increase based on your 2013 work

Customer:

by the megan take your time getting to be my age. your best years are already behind you. getting old isn't for the faint of heart.

Customer:

long careers are a good thing though.

Customer:

especially when they are with one good company.

Megan C :

I think they are good. I'm just hoping that I'm lucky enough to still have a good career when I'm that age. You never know what's going to happen with the economy and all

Customer:

i agree, good luck and thank you.

Megan C :

You're welcome

Megan C :

If you would, please rate me positively so that I may receive credit for assisting you today

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