I retired at 62 and was penalized several years for going over the SS income limit. I make payments even though I am 66 and 5 months. My question is, the 4 years SS was taken out of my check since I was 62 does that affect my future payment amount or any info that might help?

Hi. The short answer is yes, assuming that you were receiving Social Security retirement benefits. If a person claims Social Security retirement benefits prior to their full retirement age (FRA) and if some of their benefits are withheld due to the Social Security earnings test, then their benefit rate is recalculated effective with the month they reach FRA to take away any reduction for age that was applied for any months that their benefits were withheld due to the earnings test. That process is referred to by Social Security is an adjusted reduction factor (ARF) recomputation.

ARF recomputations are done automatically, so you shouldn't need to do anything to receive any benefit adjustment to which you are entitled. ARFs aren't processed immediately after a person reaches FRA, though and it could take up to 18 months after you reach FRA to actually see any benefit rate increase resulting from an ARF. However, any such adjustment in your benefit rate would be retroactive to the month you reached FRA, and Social Security would pay you any back pay that you have coming.

Best, Jerry