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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3441
Experience:  37 plus years of SSD practice
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Started retirement when I was 62. I am now 72 and have been

Customer Question

started retirement when I was 62. I am now 72 and have been working part time for the last 3 and one half years. I have been paying into the ss program since I have been working. I would like to know how that affects me. Does that increase my monthly or do they send it back to me?,
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: I have been receiving benefits from you since I was 62.
Submitted: 11 months ago.
Category: Social Security
Expert:  emc011075 replied 11 months ago.

Hi. My mane is Eva and I will be happy to help you.

Your benefits are based on your lifetime earnings (the best 35 working years, to be exact), not your contributions to the social security/Medicare trust funds (your paycheck withholding). If you worked full time before you retired, your last 3 years were probably not the best earnings years. Therefore they will not affect your benefits. However, if you worked for less than 35 years before you retired, the last 3 years may slightly increase your benefits.

Customer: replied 11 months ago.
Are you telling me that I shouldn't pay into ss now. Or are you saying that the with holding is lost.
Expert:  emc011075 replied 11 months ago.

As long as you work for an employer covered by social security, you have to have SS and Medicare taxes withheld. I would not say that the withholdings are lost, it is type of tax you have to pay if you are earning income, just like federal and state income tax.

Social security is type of old age insurance. You pay the premiums (your withholdings) while you work and get the benefits when you are eligible for it (your social security benefits). Actual social security benefits and withholdings are unrelated. More contribution does not guarantee higher benefits. Receiving the benefits does not mean you can stop paying the premiums if you continue working and your withholding are not deposited into a designated account with your social security number that is used only for your benefit.

Expert:  emc011075 replied 11 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?