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Ask keeperumiami Your Own Question
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7152
Experience:  Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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If I retired at 62 and took reduced benefits and now work

Customer Question

If I retired at 62 and took reduced benefits and now work full time at 75, will my benefits increase? Or should I let my wife work full time and earn the points? She started taking social security at 66. Will I earn less credit than she would?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: No. We have a situation where either one of us can do the work.
Submitted: 11 months ago.
Category: Social Security
Expert:  keeperumiami replied 11 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  keeperumiami replied 11 months ago.

I presume that you are talking about the same work that either one of you can do & you have a choice as to who is assisting who and how you report the self-employment income.

Also, I presume that your wife is collecting her Social Security on her own earnings record.

Of course, my response is limited as in order to be certain, you would have to run the actual numbers in connection with each of your historical earning records. In essence, what matters is if the current earnings is sufficient to replace one of the 35 highest inflation adjusted annual earnings figures in either of your earnings records which form the basis of your benefits.

All that said, generally the potential impact would be greater if earned by your wife since she didn't collect her benefits until she reached full retirement are, whereas your benefits would have been determined based upon approximately 70% of what your full retirement benefits would have been at your full retirement age. So, if the current earnings were sufficient enough to replace one of your 35 inflation adjusted highest earnings years, then any increase in benefits that might accrue to you would also be reduced to approximately 70% of what the impact would be on your full retirement benefit at your full retirement age.

Steve G.