Jan
31
2013
By Guest (not verified)
Hello everyone. I took my SS at 62.
Today, out of the blue, it hit me - I am still earning from $14,000 to $17,000 a year and of course, paying SS taxes on that income.
Does the $ I pay in now benefit me in any way? Or, when I filed for SS at 62, do all monies I pay in now, just go to the government, without adding a dime to my monthly SS payment I receive?
I suspect, I get nothing for what I am paying in yearly now, but I don't know?
Forums:
Effect of FICA taxes after beginning retirement benefits
The potential to raise your Social Security benefit depends on your work history.
Social Security uses the highest 35 years of earnings to compute an individual's benefit amount. If the individual does not have 35 years of earnings, they will use all of the earnings on the record. They will factor in an annual total of $0.00 earnings for each of the remaining years.
So if you have a long work record (35 years plus) and inflation-adjusted earnings of more than $17,000, then your extra taxes likely will NOT increase your benefit.
If you have a short work history with low wages, your retirement benefit could increase. For this case, you should contact the SSA to see about adjusting your benefit.
http://socialsecurityhop.com/en/handbook/05/0515-how-is-disability-defin...
http://socialsecurityhop.com/forums/retirement-benefits-social-security/...
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/307/
http://www.ssa.gov/OACT/ProgData/retirebenefit1.html