Aug
17
2012
By Guest (not verified)
I am 65 today, and still working in a state job. I am a federal retiree and therefore subject to WEP. I want to continue to work until 70. Is it mandatory to take SS at 70, and if I continue to work past 70 will that increase my SS? I am elligible for a state pension in 8 months. Information is very sketchy for people in my position.
Social Security retirement benefits do not increase beyond 70
Social Security benefits are increased by a certain percentage (depending on date of birth) if you delay your retirement beyond full retirement age.
The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits.
http://www.ssa.gov/retire2/delayret.htm
http://www.ssa.gov/retire2/wep-examples.htm
Will I still pay in after 70,
and if i do will my benefits increase for the extra contributions?
FICA taxes for work after age 70
Yes, if you work in a covered area (almost all employers except some government jobs), you will be subject to FICA taxes.
If your annual wages is higher than one of your previously high 35 years, then your benefit should increase modestly.
http://www.ssa.gov/pubs/10069.html
http://www.ssa.gov/retire2/whileworking.htm
Windfall elimination
The reason I ask about additional contributions is because I will not have 35 years of paying SS because I am CSRS. By paying in after 70 and increasing the years that I have contributed I don't see how that is figured into the formula other that increase the high 3. I can't believe that years worked after 70 can be totally ignored in the computations.
FICA contributions after age 70
You may want to contact Social Security directly as your case is somewhat special.
The SSA provides an online calculator which takes the WEP into account :
http://www.ssa.gov/retire2/anyPiaWepjs04.htm
You can enter annual earnings subject to FICA and see how it affects your benefit.