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Old 09-11-2011, 06:26 PM
 
Location: San Antonio Texas
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My Dad has been collecting SS since age 63. He has also continued to work and contribute to that cursed SS system. When he eventually retires, will they re-evaluate his contributions and bump it up a little bit?
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Old 09-11-2011, 06:39 PM
 
Location: Lexington, SC
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Quote:
Originally Posted by wehotex View Post
My Dad has been collecting SS since age 63. He has also continued to work and contribute to that cursed SS system. When he eventually retires, will they re-evaluate his contributions and bump it up a little bit?
While not an expert......and please take this as such.... I did the same and I called SSA and asked. Basically they said that as my "contributation" time frame income (computed when I retired at 62) exceeded my "additional" income (after age 62, while collecting), there would be no increase.

They also said that if such had happened (and sometimes does), their system would "catch" it and increase my SSA payments automatically.

I am not saying "trust" SSA to do so. Call them. They can be hard to get through to and initially brusque but once you do get through and "ask for help versus "demand help", they can be quite friendly and helpful.
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Old 09-11-2011, 08:06 PM
 
Location: Los Angeles area
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I believe the answer to the OP's question is, "It depends". When we apply for Social Security retirement, our highest 35 years of earings are indexed for inflation and averaged, and then formulas are applied to figure the benefit. If his current amount of earnings is not greater than one of the 35 years, then there will be no increase in benefits, but if it is greater, then there will be and they will recalculate the benefit once a year. In the case of someone whose post-retirement earnings, however small (i.e., part-time) are replacing a zero, then there will be an increase. My answer does not address the issue of having benefits withheld for earnings over the threshhold of approximately $14,000 per year prior to "full retirement age". However, even in that case, the benefits are re-calculated after full retirement age in order to pay back what was withheld. What I do not know is how long it takes to recoup the losses.

Generally, if someone plans to continue working before reaching "full retirement age", which is 66 for most of us posting here, then it is wise to delay applying for SS retirement benefits, but that is not the question asked in the OP.
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Old 09-15-2011, 04:05 AM
 
16,437 posts, read 19,213,243 times
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Quote:
Originally Posted by Escort Rider View Post
I
Generally, if someone plans to continue working before reaching "full retirement age", which is 66 for most of us posting here, then it is wise to delay applying for SS retirement benefits, but that is not the question asked in the OP.
What is your opinion of drawing at full retirement age and continuing working?
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Old 09-15-2011, 07:17 AM
 
Location: Los Angeles area
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Originally Posted by Bideshi View Post
What is your opinion of drawing at full retirement age and continuing working?
A reasonable choice, is my opinion. After full retirement age they no longer withhold part or all of your benefit no matter how much you make, as I'm sure you know. Of course you're giving up further increases which would continue to age 70 if you wait, but I'm sure you know that too. A lot of us are not convinced that we will live to a ripe old age. And maybe extra money "now" (at full retirement age) is especially needed or can be put to good use, or can be put aside for later.
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Old 09-15-2011, 07:45 AM
 
Location: SW MO
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Quote:
Originally Posted by wehotex View Post
My Dad has been collecting SS since age 63. He has also continued to work and contribute to that cursed SS system. When he eventually retires, will they re-evaluate his contributions and bump it up a little bit?
That "cursed" system has been all that's stood between many retirees and penury for many years. It's permitted them some degree of independence. It's especially valid now that most employers have tossed out former pension plans and individual retirement accounts have evaporated in the market.

While my wife and I are fortunate to have the benefit of increasingly rare, defined benefit pensions, we also receive, between us, over $27,000 a year in Social Security funds. That's a healthy chunk for two retirees who started receiving those benefits early, beginning at age 62 respectively and a reasonasble return on our investments into it..

Care to reassess your view?
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