Collecting SS and still working part-time?

[DMGO]

A little history first... I am retired under CSRS, and collecting a federal pension. I then took a part-time job in the private sector, to get the balance of necessary credits, to qualify for a WEP-reduced social security annuity. Now, I have retired under social security, and have been collecting that for the last four months, while still working this part-time job. I am keeping my work income just under $10K annually. I see social security has just added my 2012 income to my record, but has not increased my monthly payment. I thought that working would increase my SS payment. When does that get calculated in? I know that there are many others in the same situation. Thanks.

 

[aja8888]

A little history first... I am retired under CSRS, and collecting a federal pension. I then took a part-time job in the private sector, to get the balance of necessary credits, to qualify for a WEP-reduced social security annuity. Now, I have retired under social security, and have been collecting that for the last four months, while still working this part-time job. I am keeping my work income just under $10K annually. I see social security has just added my 2012 income to my record, but has not increased my monthly payment. I thought that working would increase my SS payment. When does that get calculated in? I know that there are many others in the same situation. Thanks.

I've been working full time since starting to collect SS @ 66 years old and I don't think any of my additional wages have been added in over that 3 year period, adjusting the payout. I will be interested to hear additional replies on this subject, but my guess is that once SS has been calculated for you, the payout is fixed regardless of if you continue to work.

 

[haha]

I've been working full time since starting to collect SS @ 66 years old and I don't think any of my additional wages have been added in over that 3 year period, adjusting the payout. I will be interested to hear additional replies on this subject, but my guess is that once SS has been calculated for you, the payout is fixed regardless of if you continue to work.

This is not supposed to be how it works. Maybe you should contact SSA?

Have fun! It seems like SSA must be staffed by kindergarten dropouts.

Ha

 

[Independent]

A little history first... I am retired under CSRS, and collecting a federal pension. I then took a part-time job in the private sector, to get the balance of necessary credits, to qualify for a WEP-reduced social security annuity. Now, I have retired under social security, and have been collecting that for the last four months, while still working this part-time job. I am keeping my work income just under $10K annually. I see social security has just added my 2012 income to my record, but has not increased my monthly payment. I thought that working would increase my SS payment. When does that get calculated in? I know that there are many others in the same situation. Thanks.

It looks like you should expect an increase in December of 2013:

Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due. This is an automatic process and benefits are paid in December of the following year. For example, in December 2013, you should get an increase for your 2012 earnings if those earnings raised your benefit.
The increase would be retroactive to January 2013.

http://www.socialsecurity.gov/pubs/EN-05-10069.pdf

 

[aja8888]

This is not supposed to be how it works. Maybe you should contact SSA?

Have fun! It seems like SSA must be staffed by kindergarten dropouts.

Ha

Yes, that is something I will do very soon. Unless they have been doing that and based on my changes to the highest 35 years of wages, nothing significantly has made a noticeable increase in the benefit.

 

[Independent]

Yes, that is something I will do very soon. Unless they have been doing that and based on my changes to the highest 35 years of wages, nothing significantly has made a noticeable increase in the benefit.

You're correct in that it's possible your wages since 62 haven't been high enough to bump out an earlier year.

It's also possible that you fall into the other category in the same publication

You can get Social Security retirement or survivors benefits and work at the same time. But, if you are younger than full retirement age and earn more than certain amounts, your benefits will be reduced. It is important to note, though, that these benefit reductions are not truly lost. Your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings.

http://www.socialsecurity.gov/pubs/EN-05-10069.pdf

 

[RE2Boys]

I'm also retired CSRS. When I went to apply for SS, they told me that while my part time work would increase my benefits, if I wanted to get them sooner to visit there office in Jan each year with my W-2s. Sounds like they don't review and change benefits until Dec of the following year.

 

[DMGO]

I'm also retired CSRS. When I went to apply for SS, they told me that while my part time work would increase my benefits, if I wanted to get them sooner to visit there office in Jan each year with my W-2s. Sounds like they don't review and change benefits until Dec of the following year.

That's a REALLY good idea. Thanks. I don't know why I never thought of that myself...

 

[meierlde]

I'm also retired CSRS. When I went to apply for SS, they told me that while my part time work would increase my benefits, if I wanted to get them sooner to visit there office in Jan each year with my W-2s. Sounds like they don't review and change benefits until Dec of the following year.

That is not suprising since the due date for electronic forms is not till march 31 or for paper forms Feb 28. So they don't even know about the additional year till typically 1/4 of the year is gone.