I went back to work for 5 years after retiring. Do I get more Social Security?

Dear Hardworking Retiree, 

Yes, it is possible to get more in Social Security benefits after you’ve retired. The key word there is “possible.” 

Typically, a person’s Social Security benefit will be permanent after they begin claiming, although there are instances when a benefit amount could change. One example is after losing a spouse, if the deceased’s benefit was more than the widow or widower’s own benefit.

Another instance is a 12-month lookback retirees get if they have decided they’ve made a mistake (but they’ll have to pay back the benefits they’ve received up until that point if they go that route). 

If you’ve been paying Social Security taxes on your earnings, the Social Security Administration will see that, and it may adjust your benefit accordingly.

Then there’s going back to work, as you have done. If you’ve been paying Social Security taxes on your earnings, the Social Security Administration is going to see that, and it may adjust your benefit accordingly. 

“We will check your record every year to see whether the additional earnings you had will increase your monthly benefit,” the Social Security Administration said on its site. “If there is an increase, we will send you a letter telling you of your new benefit amount.”

Keep in mind, there’s a very intricate calculation to determine a retiree’s benefit, which includes an average based on up to 35 years of the individual’s indexed earnings. The Social Security Administration uses the highest years of earnings for its formula. If the five years you’ve worked in retirement make the cut of those highest years, the SSA will take that into account. 

Do you have questions about retirement, Social Security, where to live or how to afford it at all? We want to hear from you. Join the conversation in our Facebook community: Retire Better with MarketWatch.

The Social Security Administration says Americans can start receiving their Social Security retirement benefits as early as age 62. “However, you are entitled to full benefits only when you reach your full retirement age,” it adds.

“If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase,” the SSA says. “If you start receiving benefits early, your benefits will be reduced a small percentage for each month before your full retirement age.” You can read more about the incremental increase in benefits you will receive by waiting here.

For others contemplating when to claim their Social Security benefits, there is no right time to claim. It’s very personal. Some people do so on their 62nd birthday because they need the money, others wait until they’re 70 so that they maximize the amount they get and/or they may believe that they will live a long life, so they’ll benefit from higher benefits. Others are happy to just wait long enough until their Full Retirement Age.

You can – and should – check out your benefit information, work history and personal information with the Social Security Administration to ensure everything is accurate. The easiest way to do that these days is with a “my Social Security” account through the agency’s website. 

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Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com