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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29962
Experience:  Taxes, Immigration, Labor Relations
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I am currently collecting social security. I work part time,

Customer Question

I am currently collecting social security. I work part time, and social security is being taken out of my check. I was led to believe by speaking with a social security employee, that i don't get any benefit for this. If this is true, where is my money going to.
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future.Each year the SSA reviews the records for all working Social Security recipients. If your earnings for the prior year are higher than one of the years they used to compute your retirement benefit, they will recalculate your benefit amount. The SSA pays the increase retroactive to January the year after you earned the money.Higher benefits can be important to you later in life and increase the future benefit amounts your family and your survivors could receive.
Expert:  lev-tax replied 1 year ago.
Please verify if you are below your full retirement age?
Expert:  lev-tax replied 1 year ago.
Many people wonder how the SSA figures their Social Security retirement benefit.The Social Security Administration bases Social Security benefits on your lifetime earnings.They adjust or index your actual earnings to account for changes in average wages since the year the earnings were received.Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.And after that - they apply a formula to these earnings and arrive at your basic benefit, or primary insurance amount.This is how much you would receive at your full retirement age.So depending on your earning record - it is possible that there are some missing years or earning.Also additional years of earning might increase your benefits.If so - that could affect your social security benefit calculations and you may contact the Social Security Administration and verify if all information is correct.Following publication might be helpful for better understanding the calculations. me know if you need any clarification this matter..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.