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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4624
Experience:  35 years tax and professional advice in all matters money
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I am 70 yrs old, still working,planning to retire,started drawing

Customer Question

I am 70 yrs old, still working,planning to retire,started drawing soc. sec.at 66.the money I have contributed since then from my paycheck is substantial.Question? when does the money I contributed since I was 66 yrs. old start to kick in on my monthly soc. sec. check? I am not talking about the annual increase in Jan.
Submitted: 2 years ago.
Category: Social Security
Expert:  PDtax replied 2 years ago.
Hi from Just Answer. I'mCustomer and can assist. If the money contributed after age 65 qualifies as one of the 35 years used to compute benefits, then your benefits will increase. That should be done annually when your benefits are recalculated. This is different from the COLA adjustment.
Expert:  PDtax replied 2 years ago.
from SSA.gov (http://www.socialsecurity.gov/pubs/EN-05-10069.pdf): "Are there other ways that work can increase your benefits? Yes. Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due. This is an automatic process, and benefits are paid in December of the following year. For example, in December 2015, you should get an increase for your 2014 earnings if those earnings raised your benefit. The increase would be retroactive to January 2015." Note the effective month for the adjustment is December, not January for the COLA adjustment.
Expert:  PDtax replied 2 years ago.
You should review your work record at SSA to see if your recent earnings years should increase your wage base, and thus your benefit. Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer