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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Jeffrey R.
I was told when I signed up at 62 to reapply at age 65 which I am now. Please help me do this,I have looked at your website but did not fine definitive answers,thank you
charles g.
i waited until i was age 70 tg submit my initial claim,but i also was receiving a retirement benefit from the state,i do not wish to double dip but i do wish to collect all that i am entitled to,i am receiving a teacher’s retirement through the town of Grafton MA please advise if i am entitled to additional benefits
Araceli
Hi, I am 65 yrs. old & will be 66 (full retirement age) in june. I am not working but have not file for my retirement until I get 66 yo in June. Will my benefit be affected if I file benefits right now before my full retirement or wait until I get 66 yo? Is the amount of benefit I will received now which will be lower than when I reached full retirement be adjusted when I get 66 yo? Should I rather wait or enjoy my benefits now? Advise please. Thanks
Ann C.
Hi, Araceli. If a person begins to receive benefits at age 62 or prior to their full retirement age, their benefits are reduced. The reduction factors are permanently applied to all of the benefits the person may qualify for. Our system is set up to take applications four months in advance. When you are ready, you can complete the online application for Social Security retirement benefits in as little as 15 minutes. If you decide to delay your retirement, be sure to sign up for just Medicare at age 65. If you do not sign up, in some circumstances your Medicare coverage may be delayed and cost more. For more information, visit our Retirement Planner: Other Things To Consider webpage. We hope this helps.
Daniel F.
50% of my benefits now exceeds my spose benefits, Can she now replace her benefits with the new higher amount?
danfog@optonline.net
Vonda V.
Hello Daniel. If a spouse’s benefits is higher than the retirement benefit, your spouse can get a combination of benefits equaling the higher spouse benefit. To find out if your spouse is eligible for a higher benefit amount, they can call us at 1-800-772-1213 between 7 a.m. and 7 p.m. Monday through Friday or contact your local Social security office.
Donna
I will turn 66 in 4/2019 ( full retirement for 1953) Can I take a spousal benefit without taking my own social security as I am still working. will my working hx still being applying to my taking my benefit at age 70.
Karen K.
I just read that som ed people collect both regular SS benefits and SSI.
I was on SSI, When I turned 66, it automatically changed to Regular SS. I recieved around $600. On SSI, I still get aprox the same amount on regular SS.
I am forced to live with others because I cant afford an apartment. It’s not a good situation I am very unhappy living this way. Why cant I continue to get SSI along with my SS?
To help me?
Sharla Y.
My husband stopped receiving social security check when he got a new job 2 years ago. Just received a letter saying he will start receiving his check again around January 23, 2019. Why is this being restarted without my husband signing up to start receiving it again?
My husband works out of country, therefore that is why I am asking for him..Time difference makes it impossible for him to call.
Thank you
Sharla Y.
My husband stopped receiving social security check when he got a new job 2 years ago. Just received a letter saying he will start receiving his check again around January 23, 2019. Why is this being restarted without my husband signing up to start receiving it again?
My husband works out of country, therefore that is why I am asking for him..Time difference makes it impossible for him to call.
Thank you
Ray F.
Hello Sharla. Unfortunately, and because of security reasons we do not have access to personal records in this blog and cannot answer your question at this time.
We may not be able to provide you with any information related to your husband’s record. Keep in mind that members of the public, as well as employees are protected by privacy laws. The Privacy Act prohibits Federal agencies from disclosing personal information without the person’s consent, except under certain conditions.
We recommend that individuals living outside the United States contact the nearest Federal Benefits Unit or U.S. Embassy in their area for any assistance related to Social Security programs and benefits.
Also, our Office of International Operations home page provides more information to assist our customers living abroad. We hope this information helps.
Antonio A.
I am not able to reset my password,I change my address trough the American Consulate in Napoli Italy, but I didn’t have any communication about that…Can you please contact me and let me know what it’s going on? Thank you very much.
bao n.
I am beginning work in 1975 and get retirement ssa benefits in 2012 that is over 35 of years working and I am still keep working to now.Can my benefits increase now ? I am not stop work any time since 1975 to now 2018 and keep go to 2019 too .
Thanks a lot for Your quick answer .
Ray F.
When you apply for retirement benefits, we base your benefit payment on your highest 35 years of earnings and your age when you start receiving benefits. Each year, we review the records for all working Social Security recipients to see if additional earnings may increase their monthly benefits. If your earnings for the prior year are higher than one of the years we used to compute your retirement benefit, we will recalculate your benefit amount. If an increase is due, a new monthly benefit amount is established on your record automatically.
See “Getting Benefits While Working” for more information. Thanks!