My wife plans to retire at the beginning of next year and take SS (just of couple of months before age 64). Her earnings this year will certainly be high enough to be counted in her 35 highest earning years for purposes of calculating her SS monthly benefit. But the SSA will not have her earnings record for 2020 at the time she claims. How does the SSA take her last earning year into consideration? Or does she just lose the benefit of her last year of earnings? Should she wait a few months before claiming?
Social Security Earnings Credits
- Thread starter Packman
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Dash man
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When she signs up, do it by telephone. They ask all those questions and go through it all with you. Make your telephone appointment by calling the national number a month or two ahead of time.
Her benefit will be increased in March when the previous year's wages are updated.
What I've seen in mine is that in mid March I get a small additional payment that represents the extra for Jan and Feb. Then my new increased amount is paid in April.
This is separate than the COLA adjustment, this is just accounting for wages for the previous year.
She can check her SS account and it will show when her wage history has been updated.
Here is a tip for when she files to start her benefit. Use an actual brick and mortar bank account for her direct deposit. I used an online bank (DiscoverBank) and it got flagged as possible fraud. I got a phone call and later a letter and had to go into an office and prove my identity. This was pre-pandemic, when offices were open. She can always change her direct deposit bank later.
What I've seen in mine is that in mid March I get a small additional payment that represents the extra for Jan and Feb. Then my new increased amount is paid in April.
This is separate than the COLA adjustment, this is just accounting for wages for the previous year.
She can check her SS account and it will show when her wage history has been updated.
Here is a tip for when she files to start her benefit. Use an actual brick and mortar bank account for her direct deposit. I used an online bank (DiscoverBank) and it got flagged as possible fraud. I got a phone call and later a letter and had to go into an office and prove my identity. This was pre-pandemic, when offices were open. She can always change her direct deposit bank later.
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jollystomper
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They will just adjust in either March or October, depending on when SS payments begin.
Our example: DW started SS in February 2020. 2019 was one of her high earning years. In October her SS was bumped up to take into account the 2019 earnings - not just her current payment, but also including retroactive reimbursement for the previous months in the year.
This year her payment was bumped up in March, retroactive to the beginning of the year, for her 2020 W2 earnings. I expect another adjustment in October for her 2020 1099 earnings, since SS taxes on that income was paid when we filed our taxes, and was not yet in the SS system in March.
I just checked my ssa.gov account and my earnings from my very part-time job have been posted in my earnings history for 2021.
In the past this means that I get a tiny increase in my SS benefit and they also do a separate payment to make up for the increase for Jan and Feb. So far the payment for Jan and Feb has not been made, in the past this happens March 15th or so.
Just wanted to update this thread for those of you who get a SS benefit and still have earned income.
In the past this means that I get a tiny increase in my SS benefit and they also do a separate payment to make up for the increase for Jan and Feb. So far the payment for Jan and Feb has not been made, in the past this happens March 15th or so.
Just wanted to update this thread for those of you who get a SS benefit and still have earned income.
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