SS question

[aleabo]

On the Retirement Ready Fact Sheet For Workers Ages 61-69 from sss.gov I read this:
Work may boost your benefits
Your earnings can increase your monthly benefit amount — even after you start receiving benefits.
Each year, we check your earnings record if you continue to work. If your latest year of earnings turns out to be one of your highest 35 years, we will automatically recalculate your benefit amount and pay you any
increase due.
Does it mean that if I take SS at 62 and will continue to work my SS will increase and eventually come to the full amount (assuming that I will work till Full Retirement Age)? So, it just additional money to earnings?

 

[RunningBum]

Your SS income is based on your 35 highest earning years, and when you start taking it. What this seems to be saying is that if you are adding a new year of earnings to the top 35, they will recalculate that part. They aren't going to treat it like you started SS later.

 

[aleabo]

Your SS income is based on your 35 highest earning years, and when you start taking it. What this seems to be saying is that if you are adding a new year of earnings to the top 35, they will recalculate that part. They aren't going to treat it like you started SS later.

Thanks. I don't have 35 years (and won't have) as I came to US in 1995.
So, if - hypothetically - I take SS this year (62) and continue to work, regardless of my future earnings those years will be inside 35 and each year SS recalculated. Not treated as started later but recalculated amount SS what I took in 62 calculated. Right?
If my earnings since 1995 let's say were $1 M and SS at 62 $1000, if I took it and continue to work , next year my earnings let's say $1.1 M and SS became $1050? I understand that I'll be better off delaying SS but as variant B - if I'm not working in high tech anymore and don't want to take savings but need to go by for couple years, I might take some low paid job and complement by SS. And SS will be a little bit adjusted

 

[skyking1]

You are limited to $18,240 per year in earnings for 2020, while drawing social security. You can halt it for a while, then start again, if you want to make more than that.

 

[Ready]

If you have close to 35 years of SS wages you are on the third “bend point” so each additional year you work will likely have a very limited impact on your SS paycheck. Delaying SS for each additional year will have a significant impact though.

 

[RunningBum]

You can add projected earnings to your account at the social security website to see the impact of working longer.

 

[TheWizard]

The main impact of working for a significant amount of income after claiming SS at age 62 isn't the increase in your PIA but rather, pushing the effective start date of SS off till a later date.

So if for some reason you claim SS at 62 but the earn $100k per year as an employee until age 67, then all of your SS benefits for those five years get automatically paid back to the SSA and it's the same as if you filed for SS at your FRA of 67...