I began receiving SS and Medicare at 65. I am 71 and still work part time. Does the amount taken out of my paycheck for SS affect my SS check? Would my check increase? What happens to the amount taken out? Am I credited for that
Hi,
You receive credit for any earnings on which you pay Social Security taxes, but the earnings won't cause your benefit rate to change unless you earn more in a year than you did in one of your previous highest 35 years of wage-indexed earnings. Social Security retirement benefits are based on an average of a person's highest 35 years of wage-indexed earnings, and the only way to increase your average is by replacing one or more of your previous highest 35 years with years of higher earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf).
Best, Jerry