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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
As I Continue To Work And Pay Taxes, Do My Social Security Benefits Increase From Year To Year?
Hi Larry, I'm 65 years old, collecting soc sec benefits and currently working part time. As I continue to work and pay taxes, do my soc sec benefits increase from year to year?
Thank you,
Juan
Hi Juan,
Possibly, but only if you earn more in a year than you did in one of your previous highest 35 years of Social Security covered wage-indexed earnings . 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
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August 25, 2020