Benefit Amount

Dear Robert,

I have applied for social security to begin on 02/2022 when I turn 70. When I reached my FRA in 2016, I applied for my spousal benefits. Do spousal benefits impact my PIA? I received the Social Security Notice of Award, it did not include any COLAs after my spousal benefits began. I have manually determined my PIA as of my FRA and it's the same as what they told me it was back in 2018. I have called them and they said COLAs are only for people receiving the benefits. I know that's wrong and want to submit an appeal. Can your software provide a report that I can use to submit with my Form SSA-561-U2? I did it manually to see if it's worth proceeding with the appeal. If I purchase the software, will I have to enter my husband's info since he is already collecting social security? Thanks.

Hi. No, collecting spousal benefits has zero effect on your own primary insurance amount (PIA). PIAs are automatically updated to include any cost of living (COLA) increases that occur after a person reaches age 62, so it's hard for me to believe that your retirement benefit rate doesn't include the recent COLAs. And, by the way, such COLAs are credited even if the person isn't drawing yet drawing their benefits. So, what the Social Security employee with whom you spoke told you is incorrect. In any event, though, if you believe that your benefit rate is incorrect then you can file an appeal.

I use software with a benefit calculator that would allow you to get an accurate calculation of your benefit rate, but the reports that it provides aren't specifically designed to be submitted with an appeal request. And, no, you wouldn't have to enter any information about your husband in order to calculate your own Social Security retirement benefit rate.

Be well, Robert

Dear Robert,

I’m 80, still working, and paying into SS , but I see no raise in my check.

Hi. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so additional years of earnings only increase a person's benefit rate if they're higher than one or more of the 35 years currently being used to calculate the person's benefit rate. Without access to your full Social Security covered earnings history I have no way of knowing whether or not your recent earnings were high enough to increase your benefit rate. However, you can submit a written and signed request to Social Security requesting a benefit recomputation if you believe that your recent earnings were high enough to make you eligible for a higher rate.

Be well, Robert

Dear Robert,

I'm thinking about retiring in early 2022. My current online monthly Social Security benefit is about $500 less than what a Social Security agent told me to expect when I spoke to them in July. Why is there such a difference? Also, my salary this year will be much higher than the last few years. Does Social Security factor that in when computing estimates?

Thank you.

Hi. I can't think of a good explanation for that big of a benefit variation unless it has to do with the date you start drawing. You don't mention your age, but it's possible for a person's monthly benefit rate to be more than $1500 more if they wait until age 70 to start drawing as opposed to starting at age 62.

And yes, it's possible to increase your Social Security retirement benefit rate even after you start drawing your benefits if you continue to work and pay into Social Security. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so additional years of earnings can increase a person's benefit rate if they're higher than one or more of the 35 years currently being used to calculate the person's benefit rate.

It sounds like you should strongly consider contacting me for a meeting. I use software that will allow you to get an accurate benefit estimate and to fully analyze the filing options available to you in order to determine your best strategy for maximizing your benefits.