Once Started, Benefits Do Not Increase With Age

Q: I started Social Security retirement at age 66 several years age and have received monthly benefits since. Do my benefits increase because I am now older? A: They do not. People can start Social Security retirement at age 62 or any month up to age 70. Full retirement age (FRA), also called normal retirement age, is…
Read More

Payroll Tax Continues If Working After Retirement

Q: My mom is 67 years old and receives Social Security retirement. She also works part-time and noticed that Medicare is taken out of both her paycheck and Social Security benefit. She is wondering why. A: Two different issues are involved. The Medicare Part B (Medical Insurance) monthly premium is routinely deducted from Social Security…
Read More

Family Members Have Individual Earnings Test Amounts

Q: My husband is starting Social Security retirement soon but I am younger and will continue working. Will my earnings reduce his benefits? A: Your earnings will not reduce his Social Security retirement because those benefits are based on his own work record. Only your personal gross wages and net income from self-employment are included…
Read More

Special Payments After Retirement

Q: I retired in 2015 but will have employment related income in 2016 from work completed before I retired.  Will this lower my 2016 Social Security benefits? A: This question is about the annual earnings test. For people younger than full retirement age (FRA), the Social Security annual earnings test, also called the retirement test, concerns how…
Read More

Questions For You Before Starting Social Security

Recent posts touched upon starting Social Security retirement early, meaning reduced because you are younger than full retirement age (FRA). I hope these posts provided you with additional ideas to consider. Deciding to retire is a major decision and Social Security benefits are just one part of that decision. As noted on the earlier posts,…
Read More