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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4623
Experience:  35 years tax and professional advice in all matters money
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I started drawing Social Security at the age of 66 and 1

Customer Question

I started drawing Social Security at the age of 66 and 1 month. I am now almost 71 years old with much higher earnings, can my benefits be recalculated? I read that benefits max at age 70, so am I throwing away money be still paying SS taxes?
George ****
Submitted: 2 years ago.
Category: Social Security
Expert:  PDtax replied 2 years ago.

Hi from just answer. I'm PDtax, and can assist.

Expert:  PDtax replied 2 years ago.

Your benefits are recalculated with your higher wages by social security, but earlier years, with their lower wages, are weighted higher in the formula. Also, there are delays in processing your wages for benefit calculations. You should see an increase in your benefit, even after accounting for those two factors.

Expert:  PDtax replied 2 years ago.

The number to examine is AIME, or average indexed monthly earnings. When that is increased, your benefits will be, too.

You may want to contact SSA to verify your recent wages are being credited to your work history, and that your benefits will be increased of appropriate.

Expert:  PDtax replied 2 years ago.

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