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Old 11-05-2014, 09:47 AM
 
Location: Las Vegas
13,888 posts, read 25,323,560 times
Reputation: 26385

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Quote:
Originally Posted by Ultrarunner View Post
People are living longer... at least those around me.

The lady across the street lives alone and is 101... another lady down the street died at 104 at home and there are lots of folks around here in their 80's and 90's.

The 104 year old started teaching at a one room school house near Minden Nevada at age 17... she taught for 50 years and had social security for 37 years...

Many of my retired Public Safety friends put in between 20 and 30 years on the job with some retiring at 51-53 and projections are 40+ years of benefits are a real possibility... although most are not under Social Security.
And for each of these centenarians there is one like my H. He dropped dead at 61 and never collected a nickel...
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Old 11-05-2014, 03:44 PM
 
Location: OH>IL>CO>CT
5,234 posts, read 8,402,791 times
Reputation: 7186
Quote:
Originally Posted by mastequila View Post
Here's a reason: looking over my SS benefit statement if I wait until I'm 70 to claim, my benefit will be $3252. I notice there are some years I was working that show I had no income. At that time I was in business with my former spouse, and probably there was some advantage to his claiming all the income from our business. I still have the same accountant, and he cannot recall why this was done. Other years reflect my income being much less than it could have been, probably because I had a second job and that income was being reported separately to SS. So, I was going try to have this corrected (former spouse and accountant all in accord). But why, if I'm near max already, and still working? I suppose if I'm $500/ or so short it might be worth it since I'm immortal and will need those funds, but another 2-5 years of contributions on the max taxable income ought to bring me pretty close. My question, if anyone knows: if I fall short of the max at the time I turn 70, will continuing to work past that age raise my benefit, or is your benefit set in stone at age 70?

I read an article on Motley Fool yesterday: How Big Can a Social Security Check Be?

That got me to wondering about the cost and effort it would take to correct my record. A search here brought up this thread. After all, it was this retirement forum where I learned I could claim spousal benefits, so you guys have already helped improve my standard of living. Thanks
Using the SSA's on-line calculator at Quick Calculator it appears that earnings after age 70, if they become part of the "highest 35" years, will add to the FRA ( age 66 or 67) benefit amount. Then they add the "8% a year" for delaying from FRA until age 70 (or later) to claim your benefit.

The "8% a year" "delayed retirement credit" does stop at age 70.

Running the calc with a what-if of wages until age 76 showed they can count for the highest 35 calculation.

Bear in mind, the "35 years" are not necessarily the highest in "raw" (yesterday's) dollars. SSA applies an inflation factor, such that $4,800 in 1964 could be counted before $33,000 in 2014 would. I had 3 "old" years in my record that worked that way.
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Old 11-05-2014, 04:04 PM
 
48,516 posts, read 83,932,349 times
Reputation: 18050
If Op searches this subject has been discussed to death. Happy reading.
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Old 11-05-2014, 09:30 PM
 
Location: land of ahhhs
277 posts, read 298,324 times
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Quote:
Originally Posted by texdav View Post
If Op searches this subject has been discussed to death. Happy reading.
I'm not OP, but plead guilty to being the resurrecter of this thread, which, along with many others, I discovered through search. You're right, I found much discussion, but if there had been a specific answer, such as reed's very clear one above, I didn't see it. Lots of "that's an interesting question" and "I think it might continue to increase", etc. I called SS today also, and I think I got a very good agent--she seemed quite knowledgeable and tried to emphasize the difference between the increase in benefits until age 70 if you wait to file vs increase in benefits after age 70 due to higher 35 year average if you continue to work past 70. And here I was, worried the agent wouldn't understand that that's what I wanted to know. The main reason I called was that I created an online account to check my projected benefit for when I claim at 70, but it's not there--just what I'm collecting now based on former spouse's account. That caused me an anxious moment as I had been assured my own benefit will continue to accrue if I claimed the spousal benefit at or after FRA. She reassured me I would indeed be able to claim my own at 70 and had to do a manual calculation to give me the estimate. Why they take it down, I don't know. I'm sure all in this situation would be interested in keeping an eye on their estimate.
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Old 11-06-2014, 04:42 AM
 
224 posts, read 430,803 times
Reputation: 180
So, the question remains: "Will benefits increase, after age 70, if participant continues to work. In other words, deleting low salary years earlier with higher salary years, after age 70.
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Old 11-06-2014, 07:23 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
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Quote:
Originally Posted by tbill View Post
So, the question remains: "Will benefits increase, after age 70, if participant continues to work. In other words, deleting low salary years earlier with higher salary years, after age 70.
I would assume the answer is "yes" because it is true before age 70. Even if one is already receiving SS retirement benefits, they will be recomputed each year that a lower earning year (as adjusted for inflation) is replaced by a higher earning year, or each year that a "missing" year (i.e., one has less than 35 years of FICA earnings) is filled in even by a small amount.

I am in the latter situation (less than 35 years of FICA earnings) and each year I get a letter stating that my monthly benefit will now go up by X amount. For me it's a small amount because I earn only a very small amount of money each year, but that small amount replaces a zero in the wage averaging. I am now 70 and there is no reason why they would discontinue that practice.
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Old 11-06-2014, 04:27 PM
 
Location: land of ahhhs
277 posts, read 298,324 times
Reputation: 489
Quote:
Originally Posted by tbill View Post
So, the question remains: "Will benefits increase, after age 70, if participant continues to work. In other words, deleting low salary years earlier with higher salary years, after age 70.
Duh! I should have included her answer--she says yes, it will change based on earnings after 70
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Old 11-06-2014, 04:32 PM
 
29,779 posts, read 34,867,277 times
Reputation: 11705
Quote:
Originally Posted by tbill View Post
So, the question remains: "Will benefits increase, after age 70, if participant continues to work. In other words, deleting low salary years earlier with higher salary years, after age 70.
It is not a straight dollar then and dollar now comparison. The previous years are adjusted for inflation to determine the highest 35. There have been some nice explanations and charts in previous threads.
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