Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I began drawing SS at "full" retirement age of 66, but am continuing to work. I was told by SS that as I continue to work, my present high earning years will replace low earning past years in figuring my SS benefit. They said this would be re-calculated each October. Have any of you experienced this, and if so, when did the new benefit ammount show up on your SS payment?
Yes, mine has been recalculated each year since I started taking it four years ago at age 62 because I continue to work a very small amount. (In my case, the small amounts are replacing some years which have zeros. They average wages from the top 30 or 35 earnings years - I can't remember the exact number of years - and my career job was not under Social Security). I have usually gotten the increased amount of benefit early in the year, in January or February. They will give you a retroactive payment, as the actual recalculation lags. Normally, I get a letter explaining the exact amount and the date I will receive it, but a few days ago I got an extra payment (not on the normal payment date) but no explanation. I assume one will be forthcoming. SS has been having trouble figuring out my case because it's unusual - Medicare Part B premium larger than the monthly benefit so the benefit has been withheld and I was billed for the difference. Now this year my Medicare premium went down because my income in 2009 went down. Promptness is not their strong suit if things are out of the ordinary.
I began drawing SS at "full" retirement age of 66, but am continuing to work. I was told by SS that as I continue to work, my present high earning years will replace low earning past years in figuring my SS benefit. They said this would be re-calculated each October. Have any of you experienced this, and if so, when did the new benefit ammount show up on your SS payment?
When mine was recalculated it gave me another $4 a month in my check. Certainly not a windfall but apparently they do this every year. The first $4 showed up on my Dec. check. I, too, still work part time so still contribute to SS and Medicare.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
