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T. and my question: I am currently collecting SS and still…

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T. and my question...

T. and my question: I am currently collecting SS and still working I am 67. When I started collecting SS the amount was not much but during the last 4/5 years my income is now well into 6 digits. Is there a way that I can collect more SS when I truly retire. Still having fun at work. Thanks.-m

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I had cancer as I turned 62 and the future did not look bright and with some maybe ill advice I began collecting SS (at the time you could pay them back if you wanted to retire later) and went for that option. Sense then, I am cured of the cancer and my taxes and SS payments have gone way up. Am I elgilble to pay them back and collect what I am currently being shorted?

Submitted: 2 years ago.Category: Social Security
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Answered in 23 minutes by:
2/1/2016
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,627
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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Hi, what a great post! Thank you.

OK, since you are only 67, you can suspend your SS and live on your income for a while. This will get you an 8% raise in benefit amount for each year you DON'T collect your benefits, up to age 70. So, you could get up to a 24% raise if you just turned 67, or between 16 and 24 if you are somewhere in between. This is extra beneficial since your current income is being taxed, due to your income, whereby perhaps later, if when you stop working, if ever, depending on income, none of it may be taxed.

You can not pay back and 'reverse' your prior decision, no, since it has been more than 12 months.

Also, if your new income is higher than any prior year in your top 35, you will be increasing your benefit due to having a new calculation (done each year) using the current set of top 35 years. So perhaps some of these 6 figure years will be replacing your young person income years that were quite small relatively - making a little boost (or a big one, depending).

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

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