Benefits have not been increased above annual COLA. Wondering why, since I continue to work and pay FICA and Self-employment taxes.
2007-01-13 08:58:44 · 3 answers · asked by donmanes11 1 in Business & Finance ➔ Taxes ➔ United States
If you continue working after you start receiving Social Security, then your benefit is recalculated each year to take into account your earnings for the year. Depending on the complicated weighted averages for your income over your top 35 earning years, if your recalculated benefit is larger, then you will get the larger benefit.
This larger benefit would by default be more than you would get by not working and only getting COLA increases. So yes, what you are asking is possible.
2007-01-13 17:49:13 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Probably not. The annual SSA increase is based on the cost of living. Once that cost of living allowance, (COLA) has been determined, that is the amount of your annual increase. Since you are full retirement age, you can collect SSA benefits and continue to work without any penalty.
If you were younger, you would lose some of your benefits.
2007-01-13 09:08:01 · answer #2 · answered by David L 6 · 0⤊ 0⤋
You can't collect your full Social Security benefit until you retire...because you are keeping an income on your own...
2007-01-13 09:04:03 · answer #3 · answered by Terry C. 7 · 0⤊ 1⤋