Three Common Ways Your Social Security Payment Can Grow After Retirement
Reading Time: 2 MinutesLast Updated: June 21, 2018
You made the choice and now you are happily retired. You filed online for your Social Security benefits. They arrive each month in the correct amount exactly as expected. But, did you ever wonder if your Social Security check could increase?
Once you begin receiving benefits, there are three common ways benefit checks can increase: a cost of living adjustment (COLA); additional work; or an adjustment at full retirement age if you received reduced benefits and exceeded the earnings limit.
The COLA is the most commonly known increase for Social Security payments. We annually announce a COLA, and there’s usually an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month. By law, federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). More than 66 million Americans saw a 2.0 percent increase in their Social Security and SSI benefits in 2018. For more information on the 2018 COLA, visit our website.
Social Security uses your highest thirty-five years of earnings to figure your benefit amount when you sign up for benefits. If you work after you begin receiving benefits, your additional earnings may increase your payment. If you had fewer than 35 years of earnings when we figured your benefit, you will replace a zero earnings year with new earnings. If you had 35 years or more, we will check to see if your new year of earnings is higher than the lowest of the 35 years (after considering indexing). We check additional earnings each year you work while receiving Social Security. If an increase is due, we send a notice and pay a one-time check for the increase and your continuing payment will be higher.
Maybe you chose to receive reduced Social Security retirement benefits while continuing to work. You made the choice to take benefits early, but at a reduced rate. If you exceeded the allowable earnings limit and had some of your benefits withheld, we will adjust your benefit once you reach full retirement age. We will refigure your payment to credit you for any months you did not receive payments. Your monthly benefit will increase based on the crediting months you receive. You can find additional information about working and your benefit by reading What You Need to Know When You Get Retirement or Survivors Benefits.
Retirement just got more interesting since you learned about potential increases to monthly payments. Social Security has been securing your today and tomorrow for more than 80 years with information and tools to help you achieve a successful retirement.
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Tags: retirement, retirement benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Larry B.
I signed up online to start my social security. How do I check on the status of my application?
R.F.
Hello Larry, you can check the status of your application online, using your personal my Social Security account. Your receipt should include a confirmation number you can use to check the status of your application.
You can also call our toll free number at 1-800-772-1213 and ask one of our agents to assist you. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will experience a shorter wait time if you call late during the day or late in the week. Thanks!
Loretta H.
I am considering going back to work part time after I retired back in February 2017. DOB 06/29/1951 Is there a limited salary I can make and not be penalized? Will I receive an increase even working part time if I find employment?
Thank you in advance for your assistance.
Loretta Harris
LRETTA57@COMCAST.NET
Loretta H.
I am considering going back to work part time after I retired back in February 2017. DOB 06/29/1951 Is there a limited salary I can make and not be penalized? Thank you in advance for your assistance.
Loretta Harris
LRETTA57@COMCAST.NET
Marie H.
I took early retirement 2007 62 years old
Went back to work 2010 – 2016 full time
Had to pay back my SS
Am I eligible to have my SS reviewed and increased.
So embarrassing as to the small amount
Thank You
Stewart
I can no longer afford heath insurance as my SS benefit check is the same as my mortage payment. I have a choice to eat or not to eat so please discontinue the health insurance. Thanks
Stewart
nat g.
I was unable to get on to my ss account for the first time ever. I used the new security number you gave me and it said it was a bad number. I have now requested my info by mail which is an inconvenience to you and me. you should look into that for other people
R.F.
We apologize for any inconvenience. If you are unable to create an account or encounter a problem with your my Social Security account, you may:
•Call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7 a.m. to 7 p.m. At the voice prompt, say “helpdesk”; or
•Contact your local Social Security office. Thanks!
Maria M.
Thank you – good information
R.F.
We appreciate your thoughts. Thanks for your comment, Maria!
Eddie
I receive Disability, why did you stop my survival benefits, I didn’t remarry??
R.F.
Hello Eddie. Sometimes, a person may be eligible to receive Social Security benefits on more than one record. For example, a person may be entitled as a disabled worker on his/her own record and as a survivor on another record. However, a person’s benefit amount can never exceed the highest of either benefit amount to which they are entitled to receive.
Unfortunately, and because of security reasons we do not have access to personal records in this blog. One of our representatives should be able to provide you with a detailed explanation about your situation. Please call our toll free number at 1-800-772-1213 for assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later during the day or later in the week. Thanks!
William G.
I’VE BEEN WORKING SINCE I RETIRED IN 2010. I HAVE WORKED 2 PART TIME JOBS FOR 9 YRS I AM DOWN TO WORKING 1 PART TIME JOB .I AM NOT SEEING A DIME INCREASE IN MY S.S. CHECK. I HAVE CALLED THE LOCAL S.S. OFFICE. THEY SAID POSSIBLE I COULD GET A CO. ONCE A YEAR IT WOULDN’T AMOUNT TO MUCH. PLEASE HELP.ITS ALL I GOT TO LIVE ON & I AM GOING TO BE 76 IN JUNE. THANK YOU .
Steven G.
Lots of good Info. Thank You.