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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29950
Experience:  Taxes, Immigration, Labor Relations
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I was born 3/30/1949 am 67 years old. Still working earning

Customer Question

I was born 3/30/1949 am 67 years old. Still working earning approx. 42000.00 per year. when I look at my benefit from social security if I take it now would be approx. 2400.00 per month. I know that I could take that now and still continue to work and receive the full amount. If I were to do that and retire in few months When my birthday comes around again and I will be 68. will the monthly benefit increase to the amount that I would have gotten if I waited to retire at 68 ( Additional approx. 8%) or once I take the amount at 67 will it always then remain that amount with only cost of living increases if they happen
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

Your full retirement age is 66.

If you delay your retirement benefits AFTER your full retirement age - your social security benefits will increase 8% per year,

but eventually - you will receive benefits during shorter period.

That increase will be in effect until your turn 70.

There will not be any increase if you delay after 70.

In additional - as you are working - the SSA will count your earning and will recalculate your benefits every year based on that additional earning.

Customer: replied 1 year ago.
I do not feel that my question was answered.....the point of the question is that if I retire now ....and keep working for about 6 months will when I turn 68 in march will I get the increase of 8% or will my benefit remain at the amount I received in sept.thanks
Expert:  lev-tax replied 1 year ago.

If you START receiving social security benefits - your benefits will NOT be delayed anymore and there will NOT be any further increase because of delay...

the increase of 8% is in effect ONLY for the period benefits are delayed after the full retirement age.

That is regardless in your are working or not.

Expert:  lev-tax replied 1 year ago.

Just an illustration example

If your benefits at full retirement age (66) $1000

and you choose to delay your benefits - and start receiving benefits at 67 - your benefits would be $1080

If you start your benefits at age 57 and 6 months - your benefits would be $1120

If you start at 68 - you will get $1160

Your benefits will increase for every month they are delayed after your full retirement age up to 70.

Also the increase is based on your benefits at full retirement age.


In additional to this increase - there will be COLA adjustments and adjustments because you are working (additional earning).

Is that your concern?

Expert:  lev-tax replied 1 year ago.


Customer: replied 1 year ago.
My concern is that I want to make sure I get the highest benefit I can when I retire at 68 ....but would like to stop work at work in sept. but only if my benefit when I turn 68 increases by the 8%. If it stays at the age 67 rate...then I am going to wait till im 68.
Expert:  lev-tax replied 1 year ago.

Whether you will continue to work or stop working - that would not affect the increase of your benefits as you referred.
The 8% increase is based ONLY on when you start your benefits.

If you start benefits at 66 - your benefits will be 8% higher compare to what you get at 66

correspondingly - at 68 - your benefits will be 16% higher compare to what you get at 66.

But where you will work or stop working - that has NO affect on that change in your benefit amount.