Social Security advisor explains benefit calculation and verification process
Updated
Updated · JoCo Report · May 10
Social Security advisor explains benefit calculation and verification process
14 articles · Updated · JoCo Report · May 10
Russell Gloor told a 78-year-old claimant who started benefits at 72 that earning over $100,000 and paying more than $40,000 in FICA does not itself raise monthly payments.
He said Social Security reviews post-claim earnings annually after receiving IRS data by mid-year, with any increase usually applied around October and paid retroactively to the start of the year.
Benefits depend on a worker’s highest 35 inflation-adjusted earning years; seniors can check records through a my Social Security account, request an earnings statement, or file Form SSA-561 for reconsideration.
The SSA made billions in payment errors. How can you verify your benefit is actually correct?
With Social Security's trust fund facing a shortfall, will capping benefits for top earners be enough?
Working in retirement? Why your high earnings might not increase your Social Security check.