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I received a Society Security Retirement up to now with no…

I received a Society...

I received a Society Security Retirement up to now with no problems.

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 properly. Please tell me more, so we can help you best.

Now that I do not work, should I be getting more? I used to make an extra 12,000 to 13,000 more a year. Now I do not work at all. How do I tell

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

I think I should get more money now for retirement.

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Answered in 3 minutes by:
3/17/2018
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,672
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, 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, since 1986.

Bear with me just a moment.

I'm reviewing your question now and typing up my reply.

...

I'll post that in just a few moments. Then, let me know if you have further questions on this.

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Customer reply replied 4 months ago
I took early ss at 63 but continued tlo work due to wife's health issues. Made over imy limit. Ss denied me chance to pay back monthly. They took my ss cks for bout 18 months. They then restarted my ss cks again. I should be at max by staying working and still paying into ss?? Thx for any help you can give me for more ss..Don Winkler
Customer reply replied 4 months ago
I dnt hear good..better to text

The formula that Social Security uses to determine your benefit is not directly related to whether you work or not (although is you take benefits before Full Retirement Age (66 for those retiring now) there IS a reduction in benefits that doesn't get paid back out until after you reach full retirement age (and it take several years to get it all back).

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As a form of Social Insurance the benefits favor those that earned less. They take your highest 35 years of earnings, and inflate them to current dollars, then average them to get to something called AIME (Average Indexed Monthly Earnings).

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Then they apply something called bend points (factors, percentages) to that AIME to get to PIA (Primary Insurance Amount) which is your Full Retirement Age benefit

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See this from SSA here: https://www.ssa.gov/oact/cola/Benefits.html

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"

The PIA is the sum of three separate percentages of portions of the AIME. While the percentages of this PIA formula are fixed by law, the dollar amounts in the formula change annually with changes in the national average wage index. These dollar amounts, called "bend points," govern the portions of the AIME.

The bend points in the year 2018 PIA formula, $895 and $5,397, apply for workers becoming eligible in 2018. See the table of bend points for the bend points applicable in past years."

...

The percentages are 90% (of that first 895), 32% on the amount of AIME between 895 and 5397, and then 90% on the rest

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So, working longer unless you earned a HUGELY higher pay in those last couple of years (or if you didn't HAVE 35 years of earnings so that working longer is replacing zeros in the 35 year average with earnings) may mot have an effect, or not as much as one might think

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Now, your benefit IS refigured to replace that 18 months BUT, (so sorry to keep being the bad news messenger) is takes several years to get it all back

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Customer reply replied 4 months ago
Thx

SO again, as a form of Social Insurance, by applying the 90 percent, 32 percent, and 15 percent rates or “weights” to the AIME, the benefit formula ensures that low-wage workers will receive proportionately more from their Social Security contributions than average- or high-wage earners. The weighting reflects the assumption that workers with higher earnings have a greater ability to protect themselves from financial risk— there is a higher probability they have private pension income and accumulated savings—than do low- and moderate-income workers who have less opportunity to save and invest.

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(you can just disregard that call offer that the site puts out there. That didn't come from me)

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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 on your screen, and then clicking “submit")

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

...

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

But again, let me know if you need more here,

Lane

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,672
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
I was 66 when i was restarted again..thx. Dnt see any stars but definetly 5 or max stars

Thanks much

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Lane
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Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,672
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