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Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
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Since starting Social Security a couple years ago at 62, I have had part-time jobs during most of this time. Not making anywhere near the max you can make (17K I think) before they start dinging you and reducing SS payments.
Now if you are someone like me, making an extra 5k or whatever a year, and SS tax IS taken out of it, at some point does my benefit get recalculated and even give me a few bucks or so more a month on my SS? Or is my benefit engraved in stone, except for annual COL increases, and this extra I am paying into SS via my p/t job just a freebie to the SSA??
My assumption is that your current earnings will update your records and your benefit can increase.
But remember your benefit is based on your highest 35 years of earnings so if your current earnings are for years past 35 and you are earning less than in the past (past earnings do get a steep up in valid due to inflation) they will not count.
Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
1,790 posts, read 4,155,926 times
Reputation: 4093
Quote:
Originally Posted by rjm1cc
My assumption is that your current earnings will update your records and your benefit can increase.
But remember your benefit is based on your highest 35 years of earnings so if your current earnings are for years past 35 and you are earning less than in the past (past earnings do get a steep up in valid due to inflation) they will not count.
I see. So since in retirement I can't see my part-time gigs ever making an amount that would put me anywhere near my highest 35 yrs of earnings, guess I'm paying SS taxes with no chance of any return.
Bummer. It won't make or break me. Just extra money for SSA to dole out to the many peeps who are and have been defrauding SS Disability, which is in large part the cause of looming SS shortfalls.
Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
1,790 posts, read 4,155,926 times
Reputation: 4093
Quote:
Originally Posted by marino760
The amount you are paying in now is so small, it's not going to make a bit of difference.
Granted, it's not much. But would I take, say, an extra $5 a month in SS? Sure. Right now I wouldn't say I'm living large on $1762 of SS, a rather small pension, $5k a year part-time, and wife making ~3k a year p/t., over 3k property tax on a house assessed at 122k, etc., etc.
I would take it for the same reason we clip coupons and are frugal in other ways. Money's money.
The system considers your best 35 yrs ever. So this years earnings will count if for example you had any of the last 35 yrs with zero earnings. Some people worked 50 yrs but only paid into social security for 30. Why? They may have been working via government grants which meant low pay and no SS.
what if you do not have 35yrs in and acquire them after you take early SS?
Not sure but I believe they do not count those 35 years after FRA
Once you file game is over ..nothing else counts..if you don’t have 35 years they give you zeros for those years and it reduces your average number.
They inflation adjusted your years and the Top 35 years are used ...if you lack 35 years a zero goes in for that year.
Any years that are not your highest 35 years don’t count
Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
1,790 posts, read 4,155,926 times
Reputation: 4093
Quote:
Originally Posted by luv4horses
The system considers your best 35 yrs ever. So this years earnings will count if for example you had any of the last 35 yrs with zero earnings. Some people worked 50 yrs but only paid into social security for 30. Why? They may have been working via government grants which meant low pay and no SS.
Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
1,790 posts, read 4,155,926 times
Reputation: 4093
Quote:
Originally Posted by mathjak107
Once you file game is over ..nothing else counts..if you don’t have 35 years they give you zeros for those years and it reduces your average number.
They inflation adjusted your years and the Top 35 years are used ...if you lack 35 years a zero goes in for that year.
Any years that are not your highest 35 years don’t count
I was hoping old Mathjak would chime in here, and even told my wife there's a guy on this forum who seems to know just about everything about SS, Medicare, investing, etc. Thanks.
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