Ask Larry

Is It True That All My Earned SS Money After 70 Must Be Paid To Me At Year's End?

I have ur book gettin whats urs - I am FRA - I am still working parttime - is it true that all my earned ss money after 70 must be paid to me at yr end And put into my ss ck. and what ss rule is this. thanks.

Hi,

I'm not sure you mean. If you work and pay Social Security taxes on your earnings, your earnings can be used to calculate your Social Security retirement benefit rate regardless of your age at the time you produce the earnings. That could potentially increase your monthly benefit rate, but you wouldn't get a refund of your Social Security taxes even if your earnings aren't high enough to increase your benefit rate.

Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so additional years of earnings only increase a person's benefit rate if they're higher than one or more of the 35 years currently being used to calculate the person's benefit rate.

Best, Jerry

Category: 
Posted: 
Sep 16 2020 - 5:42pm
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