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Question for the Money Doctors

Question submitted on Oct 1, 2013.

Question

I started collecting social security 3 years ago when i turned 65 and still continue to work full time @ +_ 80k. Should my monthly S.S. amount increase ???

Answer

Your Social Security benefit is calculated based upon your last 35 years of earnings. As you continue to work, those earnings will bump out the years you have zero earnings. Accordingly your Social Security benefit will increase from your earnings. However this does not happen on a monthly basis. Annually your Social Security benefit gets recomputed based upon your earnings history and any inflation adjustment. You will get a statement from the Social Security Administration to let you know your new benefit amount.


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