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emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3122
Experience:  Tax adviser IRS licensed Enrolled Agent and tax instructor
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My brother is 77. He has been drawing $500/month of social

Customer Question

My brother is 77. He has been drawing $500/month of social security since he was 70 based on earlier earnings. He now has a chance to go back to work at $40,000 per year and pay social security tax. Can he work a few years and then recalibrate his benefit based on his later earnings? How would he calculate this?
Submitted: 1 year ago.
Category: Social Security
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Social security benefits are calculated using a formula that takes into account 10 best earning years in the last 30 years. It means that unless your brother will be earning at least as much as he was in his best earning years, the earning will not change his social security benefits. He would have to contact social security administration and have them to look at his account end earnings history to determine if 40K/earning will be affect his benefits or not. At his age he can collect full social security benefits and have unlimited earnings without without affecting his benefits.

Customer: replied 1 year ago.
Thank you, Eva.
Expert:  emc011075 replied 1 year ago.

You're welcome. Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.