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I am still working full time and receiving social security.

I am still working...

I am still working full time and receiving social security. If I retire at end of this year and nor receiving any other income will my social security go up?

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

What would be my Retirement Account?

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 the Retirement Accountant should be aware of?

I do have an IRA with State Farm and a 404B with OLOL

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Answered in 4 minutes by:
3/27/2018
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,709
Experience: Taxes, Immigration, Labor Relations
Verified

If I retire at end of this year and nor receiving any other income will my social security go up?

We need to understand HOW social security benefits are calculated.

They are based on your lifetime earning.

The SSA takes your indexed annual earning - and chooses 35 year in which your earned the most.

Then calculate average indexed earning for these 35 years - and uses that amount to calculate your benefits.

So - when you continue to work - and during these years your earning is included into these 35 years - your social security benefits are re-calculated - starting January.

That will an additional to normal COLA adjustment.

Let me know if you need any help with determination.

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Customer reply replied 28 days ago
please help me with the determination. Thank you
Customer reply replied 28 days ago
Do not want to switch to phone call.

Here is publication

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

on the second page - you will find the worksheet

just list your actual earning for all previous years

you will see the index factor of each of these years

We may discuss over the phone if you wish - but it might be better to prepare all information before we will discuss.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,709
Experience: Taxes, Immigration, Labor Relations
Verified
lev-tax and 87 other Social Security Specialists are ready to help you
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Customer reply replied 28 days ago
Ok. How do you make the determinatio?
Customer reply replied 28 days ago
Will go find publication.
Thank you
Phone call session started

Let me know when you are ready - and I will schedule a phone call.

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Customer reply replied 28 days ago
I will be available for phone call at 8 am. Contact number(###) ###-####

You might want to obtain your earning record from the SSA.

That earning record will list your total earning in each year over your lifetime.

That way - you will have all required information to calculate your benefits.

I will help you if needed.

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Customer reply replied 24 days ago
You answered my questions..
Thank you
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lev-tax
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,709
32,709 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

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