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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29938
Experience:  Taxes, Immigration, Labor Relations
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My question pertains to Delayed Retirement Credits. I understand

Customer Question

My question pertains to Delayed Retirement Credits. I understand that these credits accrue for as long as I delay filing for Social Security Retirement benefits. (I am currently at full retirement age - 66 and 3months).
My question is, if I file for benefits now but continue working, do I continue to qualify for the Delayed Retirement Credit, which for me is 8%?
FYI, I earned $80K last year but have reduced my work hours starting this year. Currently, I earn $56K - this will be my average annual gross until I choose to quit.
My Social Security Statement says I have earned enough credits to receive $2677/month if I continue working until age 77 - but this assumes that I continue earning $80K/year, which I no longer will be.
Thank you
Martin Whitney
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
"if I file for benefits now" - means - you are going to receive social security benefits - correct?If so - your benefits are NOT delayed and there will be NO grow.If you do NOT apply and will NOT receive your benefits - your FUTURE benefits will grow - but ONLY till age 70.After you reach 70 - benefits will NOT grow - regardless if you are working or not.
Customer: replied 1 year ago.
Thank you.
Expert:  lev-tax replied 1 year ago.
Please be aware that you may start benefits NOW - as you are above your full retirement age - you may receive your social security benefits and work at the same time with NO limit on earning.
Expert:  lev-tax replied 1 year ago.
However your social security benefits will be party taxable.The advantage of that strategy - you will receive benefits longer.But if you delay your benefits - benefits will be larger - but you will start benefits later and will receive shorter period..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.