Q: I am 73 and still working part-time. I took my Social Security at age 66. I have never seen an increase in my Social Security check, even though I am still paying into the system. What’s up?
A: To understand whether the earnings you have, and the taxes you pay, after you start getting Social Security will increase your benefits, you have to understand how Social Security retirement benefits are figured in the first place.
Simply stated, your Social Security retirement benefit is based on your average monthly income, indexed for inflation, using a 35-year base of earnings. So, when you initially filed for benefits, the Social Security Administration looked at your entire earnings history. Then they adjusted each year of earnings for inflation. The inflation adjustment factor depends on your year of birth and varies from one year to the next….
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