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I started receiving SS retirement benefits in March of 2018, but continued working. I have several zero years in my 35 year highest income history, but have yet to receive a notice of increased benefit amount for income in 2018.
Did Social Security already include estimated 2018 income in their calculations for my original benefit amount, or is Social Security late in recalculating benefits this year?
The Social Security web portal should update it around the late-January to April tax season. If you look on the portal now, you'll see an estimate based on 2018 income. An adjustment for 2019 income won't be there until Q1 2020.
Personally, I use a spreadsheet I made for myself since I don't trust the estimate. I update it every year when SSA publication no. 05-10070 comes out with the inflation adjustments.
On Medicare premium adj they use income from two years ago. So my assumption is that it takes a long time for the goverment to update the SS information after your wages are reported.
If your income is greater than the inflation adjusted amount for any of your highest 35 years, Social Security recalculates your benefit amount toward the end of every year for additional income the previous year and includes a deposit into your account for the extra amount earned retroactive to January of the current year.
Has anyone else already received their recalculated benefit amount?
Last edited by Al Zymers; 12-13-2019 at 11:47 AM..
On Medicare premium adj they use income from two years ago. So my assumption is that it takes a long time for the goverment to update the SS information after your wages are reported.
medicare goes back two years because they set rates in january .. we have not filed last years taxes yet so the only ones they have are two years ago
If your income is greater than the inflation adjusted amount for any of your highest 35 years, Social Security recalculates your benefit amount toward the end of every year for additional income the previous year and includes a deposit into your account for the extra amount earned retroactive to January of the current year.
Has anyone else already received their recalculated benefit amount?
I failed at reading comprehension and didn’t notice you were already collecting. I’m fuzzy about how that works. There’s something about your age 62 year that is significant. I’m 61 so I never had to understand that. I don’t know if/how they recalculate beyond that.
All I know is the portal showed my W-2 income around the end of January and then updated a few weeks after I filed my return declaring a bunch of 1099 earned income. If you just have W-2 income, it will likely show up in late January or early February.
If your income is greater than the inflation adjusted amount for any of your highest 35 years, Social Security recalculates your benefit amount toward the end of every year for additional income the previous year and includes a deposit into your account for the extra amount earned retroactive to January of the current year.
Has anyone else already received their recalculated benefit amount?
My understanding is that Social Security will "inflation adjust" all past earnings up to the value it would be in your 60th year, but not after.
However, they will recalculate your benefits for higher earnings as long as you continue to earn them.
Sounds right. So for me, I care about the year 2020 05-10070 form when it comes out since I will be 62. 2019 isn’t a high 35 income year for me so I should know exactly where I stand in a couple of months.
Thanks for the info. Did you receive a benefit letter beforehand?
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