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I reached retirement age of 66 3 years ago. I have worked…

I reached retirement age...

I reached retirement age of 66 3 years ago. I have worked have not worked continuously since that time, but intend to begin my benefits when I turn 70 with the annual increases to those original benefits at 66. The fact that I have not worked during some of this time since turning 66, does that affect my 4 years of wait to get the max increase on my available. In other words, if you "wait" the four years, your benefits will have increased to the max amount, even if you did not work and pay into the system. You have simply waited the required time to begin receiving benefits. True or false.

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. Is there anything else important you think the Retirement Accountant should know?

No, just worried about the if I have made a mistake leaving more on savings and not continuing to work. Did not work for about a year. Does that mean I need to "get back to work" and pay into SS for a total of 4 years after 66, or is it simply a waiting period for maximizing you earned benefits at age 66?

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Answered in 8 minutes by:
3/20/2018
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,114
Experience: Taxes, Immigration, Labor Relations
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In other words, if you "wait" the four years, your benefits will have increased to the max amount, even if you did not work and pay into the system. You have simply waited the required time to begin receiving benefits. True or false.

True.

Your benefits are calculated based on prior 35 years during which your indexed earning was the most.

If you have zero earning in past years - that will not affect your benefits.

Your PIA - primary insurance amount - is calculated on average indexed earning during for 35 years where your earning were the most.

That PII is credited 8% per each year benefits are delayed.

Does that mean I need to "get back to work" and pay into SS for a total of 4 years after 66, or is it simply a waiting period for maximizing you earned benefits at age 66?

You are not required to get back to work - and that "waiting" will not affect how your benefits are calculated.

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Customer reply replied 3 months ago
Thank you

So far - if you have worked at least 35 years - calculations of your benefits will not be affected.

If you want to see how PIA is calculated - this publication might be helpful.

See second page for the calculation worksheet.

https://www.ssa.gov/pubs/EN-05-10070.pdf

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,114
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