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Will my social security award go up if i continue working…

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Will my social security...

Will my social security award go up if i continue working while collecting social security i am at fra

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I have an award as of my birtday in nov 2016. I was told by social security I can collect it back to my bday because I contacted them in march 2017. I will continue working. need to know if my $2134 award will increase because I will still be paying all taxes incl. soc security and medicare

Accountant's Assistant: 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 the Retirement Accountant should be aware of?

No, this is the question i have and social security couldn't give me an estimate of how much it would increase. i am going to work until i am 70.

Submitted: 8 months ago.Category: Social Security
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Answered in 12 minutes by:
9/13/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,196
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

Social Security is a form of Social Insurance. There is no direct relationship between paying Social Security and Medicare taxes, and the size of your benefit.

...

First SSA uses your highest 35 years of earnings and inflates them to current dollars to calculate something called AIME (Average Indexed Monthly Earnings). Then they apply some factors to that number to come to PIA (Primary Insurance amount)... Then for every year you wait to take, past full retirement age (up to age 70), you get a DRC (Delayed Retirement Credit) of 8% added to your benefit.

...

But the taxes you pay are more like a premium to be IN the system, than anything that specifically drives the benefit amount.

...

If you already have 35 years in the system, working additional years (Unless you earn say twice as much as you've ever earned before) will not likely increase the benefit.

...

Remember that AIME has already inflated those earning from long ago to today's dollars. Working another year will (IF higher than the lowest year in the average AFTER it's been indexed) only replace that year - 1/35th of the average.

...

It's typically only if you don't yet HAVE 35 years in the system, that working another year changes the average significantly (becasue THEN you're replacing zeros in that average).

Ask Your Own Social Security Question
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 8 months ago

You can read more about how the benefit is calculated here: https://www.ssa.gov/pubs/EN-05-10070.pdf

...

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

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

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

Thanks,

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,196
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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