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Windfall elimination. I am 66 years old and am still working…

Windfall elimination. I am...

Windfall elimination. I am 66 years old and am still working and paying into SS. I am not collecting SS. I am at the age where I can collect SS with out being penalized. My question is, I worked where SS wasntt taken out for 25 years. I changed jobs and now I am paying into SS. I trying to get in as many years as I can minimize the the monthly penalty. If I start collecting SS now and am at 25 years paying into SS on the Windfall Chart, will SS adjust the windfall monthly penalty if I keep working?

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?

Not that I am aware of to address this.

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Answered in 4 minutes by:
11/30/2017
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,856
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - WEP - Windfall Elimination Provision reduction is less if you have more than 20 years of substantial earning subject to social security tax.

You may avoid WEP if you have at least 30 years in substantial earnings covered by social security taxes.

For 2017 the substantial earning amount is $23,625.

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Customer reply replied 5 months ago
Understood. I want to know if I start collecting SS now and only have 24 years in paying the SS according to the windfall schedule, will SS adjust my windfall to 25 years if I keep on working/
Customer reply replied 5 months ago
Are you there Lev?

That is correct - the IRS will re-calculate your benefits every January and will use different WEP factor every year - plus will add additional earning - so you may expect your benefits to increase every year you will continue to work.

As you might know - social security benefits are based on 35 years of indexed earning for years you earned the most.
As you have less than 35 years - mussing years are included as zero earning.
Thus any additional year will result in larger benefits.

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Customer reply replied 5 months ago
am I correct that at my age now of 66 I will not be penalized because I am still working and paying SS?
Customer reply replied 5 months ago
If what is your experience and education on SS matters that I can rely on if I can ask?
Customer reply replied 5 months ago
Hello

Yes - that is correct.

66 is your FRA - full retirement age.

Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits.

That means - your benefits will NOT be affected regardless how much you earn.

However - you may delay your benefits - and they will continue to grow 8% up to age 70 - and that will be in additional to WEP factor reduction and additional earning.
.

You may review my records here

https://www.justanswer.com/finance/expert-lev-tax/questions.html

If you have any doubts for particular issues - I will provide references to SSA documents.

I will be happy to address all your concerns.

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Customer reply replied 5 months ago
Wouldnt the monthly SS benefit grow automatically if I am still working and paying SS. Meaning I retire and receive lets say $1200 a month at 66 years of age. I work and keep paying in until 69 years of age and quit my job. Wont the SS increase each year up to 69?
Customer reply replied 5 months ago
or would I have to wait unitil 69 to get the increase?

Yes - the IRS will recalculate your benefits every January for the annual increase.

You do not have to delay to have these recalculations.
So - because you have less than 35 years working under social security - any additional year of earning will be added and will increase your benefits.

In additional - if you will have substantial earning - that will affect your WEP factor - and will result additional increase.

And finally - there will be COLA adjustment as for all other retirees.

If you choose to delay retirement benefits belong your FRA - you will have additional increase 8% year year (up to age 70).

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Customer reply replied 5 months ago
Ok thank you have a great day

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,856
Experience: Taxes, Immigration, Labor Relations
Verified
lev-tax and 87 other Social Security Specialists are ready to help you
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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,856
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Experience: Taxes, Immigration, Labor Relations

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