I began receiving my social security Medicare benefits 8 years ago, due to financial issues of my employer, which left me with a reduction in pay. However, I have continued to work even through now. So, I am continuing to pay into social security and do not see myself retiring for at least another 3 or 4 years. My question is: What is the possibility of my social security monthly benefits changing when I fully retire? Thank you so much for this column!!!!!

Hi,

Your benefit rate could increase as a result of your ongoing earnings, but only if you earn more in a year or years than you did in one or more of your previous highest 35 years of wage-indexed earnings that were used to calculate your current benefit rate. Social Security retirement benefits are based on an average of a person's 35 highest years of wage-indexed earnings, and can be recalculated at the end of each year in which they have higher earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf).

Therefore, if your earnings in any year are higher than in one of your previous 35 highest years, you wouldn't have to wait until you fully retire in order to receive a benefit increase. Social Security does these types of benefit increases automatically, so you shouldn't need to do anything to receive an increase if one is due. However, if you want to check to see if you're eligible for an increase you could submit proof of your most recent year's earnings to Social Security and request a manual recomputation.

Best, Jerry