How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11804
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
1929974
Type Your Social Security Question Here...
Lane is online now
A new question is answered every 9 seconds

I am 68, and began drawing social security benefits on

Customer Question

I am 68, and began drawing social security benefits on turning 67, while continuing to work full time. My legal retirement age is 66. I retired from full time employment on 12/2/16, so my income in 2017 will be substantially reduced. will there bevan upward adjustment in my SS benefit? If so, when will I see it? How will any adjustment to my venefits impact those of my wife? Thank you.
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.
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.

Hi. My name's Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents since 1986.

...

Bear with e a moment while I prepare your response.

Expert:  Lane replied 5 months ago.

You benefit was calculated using something called AIME (Average Indexed Monthly Earnings). AIME is composed of your highest 35 years of earnings, inflated to current dollars.

...

So unless you didn't HAVE 35 years in the system (such that working additional years in the system would be replacing zeros in that average) the number - your benefit - all other things being equal, will not go up based on what you've said here, that "... my income in 2017 will be substantially reduced. "

...

The good news, however, is that because these earnings are likely lower than your AIME, they will not LOWER your AIME (hence your benefit).

...

You wife's benefit will not be affected either (either becasue her benefit is based on her own work record, or - if taking a spousal benefit - becasue the spousal benefit is based on your PIA (Your Full Retirement Age benefit)

Expert:  Lane replied 5 months ago.

You can read more about this from Social Security here: https://www.ssa.gov/oact/progdata/retirebenefit1.html

...

Please let me know if you have ANY questions at all, before rating me

But if this has helped, and you don’t have other questions, I would appreciate a positive rating (using those stars on your screen – and clicking submit)

That’s the only way JustAnswer will compensate me for the work here.

Thanks,

Lane