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I just need 2 more quarters for 2019. Started a job on 1/1/19 and want to know when they will update my online account so I can see if I made the amount to reach my 2 quarters.
I have maxed SS Earnings since 2011 but I changed jobs and took a pay cut this year so I don't think I'll ever hit the max again. SS estimates my earnings to continue at max, so this is probably the highest estimated benefits I'll ever show. And I now have 38 years of earnings so my first three years of less than $1,000 earnings have dropped off.
Currently planning to retire at 62 and live off my military retirement and a small Federal pension while delaying SS as long as possible.
May 2014:
FRA (67) - $2,501
age 70 - $3,177
age 62 - $1,673
March 2015:
FRA (67) - $2,544
age 70 - $3,233
age 62 - $1,700
April 2016:
FRA (67) - $2,618
age 70 - $3,324
age 62 - $1,752
March 2017:
FRA (67) - $2,685
age 70 - $3,404
age 62 - $1,801
March 2018:
FRA (67) - $2,752
age 70 - $3,498
age 62 - $1,838
2019 update: as of today my 2018 earnings have been posted and as expected my estimates have gone down.
February 2019:
FRA (67) - $2,720
age 70 - $3,426
age 62 - $1,846
My 2017 and 2018 part time earnings following retirement at my FRA in 2016 have posted since I started collecting Social Security benefits. Both 2017 and 2018 earnings exceed the earnings recorded during several of those previous 35 years by considerable amounts (more than double in both cases) yet my benefit has never been re-calculated. The only increases I've received are COLAs that 1: showed up in the January benefit payment, and 2: tracked that year's percentage increase.
My local Social Security office is both difficult to reach and my two previous visits have entailed a 2 to 3 hour wait before seeing a representative so I'm not eager to go there. It's my understanding they won't make a change by phone as they need to see the W-2's but this seems unreasonable: they've got the information and updated the record to include '17 and '18 earnings, but the benefit amounts have not been increased.
I've read that Social Security is behind in recalculating benefits, but can anyone tell me how long this process has taken for them?
I collect SSDI, and am allowed to work, currently earning gross up to $1220/m working.
I worked part time in 2017. I was due an increase in 2018 for my earnings.
But, it wasn't until September'18 that I got a notification letter that I was to receive back pay from January'18 to September, and from then on would receive the higher monthly benefit.
I also worked part time for part of the year.
It is now October '19, and I have yet to get my letter or an increase in my SSDI deposit.
I'm beginning to wonder about that myself.
Thinking of calling SSDI to find out why it is so late.
If I don't get the credit by December, I will call SSDI and find out. As my supplemental insurance goes up next year and I need the SSDI increase to cover that, though my increase should be higher than the increase.
As someone upstream said, it takes time to process, but you WILL get "back pay" for it.
My 2017 and 2018 part time earnings following retirement at my FRA in 2016 have posted since I started collecting Social Security benefits. Both 2017 and 2018 earnings exceed the earnings recorded during several of those previous 35 years by considerable amounts (more than double in both cases) yet my benefit has never been re-calculated. The only increases I've received are COLAs that 1: showed up in the January benefit payment, and 2: tracked that year's percentage increase......
I've read that Social Security is behind in recalculating benefits, but can anyone tell me how long this process has taken for them?
It matters not that the 2017 & 2018 earnings are higher, even double, if those lower years were even 20 years ago, and you have 35 years of earnings that aren’t near zero. All your older years filings are indexed individually for that year by a multiplier based on the year you turned 62. Even 20 years ago, that income was multiplied by an index more than 2X, and it is THOSE values that your current income is compared to. For instance, my first full year after college, 1981, my salary was $21,500, but it is indexed today to about $80,000! If you do not have a full listing of all your incomes per year from SS before you filed, then it may be difficult to compare them now. SS doesn’t usually miss anything like that. I print off every years update with my salaries, and with the current index multiplier. Next year I turn 62, and that will be my last increase in index (as it is for everyone), and FWIW, all income post age 62 has an index of 1.
Don’t feel bad, if that is the case, it is a very common mistake.
It matters not that the 2017 & 2018 earnings are higher, even double, if those lower years were even 20 years ago, and you have 35 years of earnings that aren’t near zero. All your older years filings are indexed individually for that year by a multiplier based on the year you turned 62. Even 20 years ago, that income was multiplied by an index more than 2X, and it is THOSE values that your current income is compared to. For instance, my first full year after college, 1981, my salary was $21,500, but it is indexed today to about $80,000! If you do not have a full listing of all your incomes per year from SS before you filed, then it may be difficult to compare them now. SS doesn’t usually miss anything like that. I print off every years update with my salaries, and with the current index multiplier. Next year I turn 62, and that will be my last increase in index (as it is for everyone), and FWIW, all income post age 62 has an index of 1.
Don’t feel bad, if that is the case, it is a very common mistake.
Perry, this is a spot-on accurate description of how the prior year wages are calculated into the actual SS benefit amounts. I'm 6 years older than you, and my inflation-indexed wages from the late 1970s are also many times more than what they actually were. I retired at age 63 with a corporate pension, but have still not started my social security benefits. I will likely start at age 69, and my latest statement says my benefit amount will exceed $4K per month! I had more than 35 work years where my salary was at or above the maximum salary cap for social security, hence my benefit amount will be near the maximum.
Wow, that's a lot of money from FRA until age 70, close to a grand a month if you wait.
I can see my hub waiting. I'll be surprised if he does not. He doesn't plan to stop working.
Yes it’s like $760 more per month just by waiting 3 extra years. I would def try and wait if possible.
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