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I receive social security for about 20 years but I'm still

Customer Question
working and still paying social...
I receive social security for about 20 years but I'm still working and still paying social security tax but my ss never increased but for the 1 or 2% is that right or should I receive more because I still paying?
JA: The retirement accountant will know how to help. Is there anything else the retirement accountant should be aware of?
Customer: Not that I know.
Submitted: 1 year ago.Category: Social Security
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11/3/2016
Social Security Expert: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 year ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 507
Experience: Former IRS Revenue Agent
Verified

Dear Customer,

The social security income calculation is based on the highest 35 years of a beneficiary's all working years. Therefore, unless a person's new working years of that 20 years replaced the highest 35 years previously in a significant way, the social security income payment amount would have been about the same. The below citation and website link are for your further reference.

Please feel free to follow up.

Regards,

Fiona

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP

"Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most. We apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount.”

https://www.ssa.gov/pubs/EN-05-10070.pdf

https://www.ssa.gov/oact/progdata/retirebenefit1.html

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Dr. Fiona Chen
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 507
507 Satisfied Customers
Experience: Former IRS Revenue Agent

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