Social Security Request for Continuation of Benefits
Social Security will review your benefits calculation every year to check for increases. Thus, it is possible to positively influence your lifetime income averages if new earnings from wages can replace one of the 35 years used previously to compute your retirement amount. However, if you are continuing to work for this reason then it makes more sense to wait until full retirement age in to avoid the earnings cap.
This automatic annual review usually occurs in the fall, after all employer W-2's are processed. For example, increases due to 2018 earnings will be paid around October 2019, retroactive to January 2019.
Another annual event is the COLA (cost of living adjustment) review. In October 2018, the Social Security Administration announced that benefit would increase 2.8% to accommodate national cost of living increases effective with the January 2019 benefit payments. Most individuals will lose most or all of their COLA to Medicare Part B premium increases. In October 2017, the Social Security Administration announced there would be a 2.0% COLA increase for the January 2018 benefit payments. In October 2016, the Social Security Administration announced that benefits would increase 0.3% to accommodate national cost of living increases effective with the January 2017 benefit payments. In October 2015, the Social Security Administration announced that there would be no COLA increase effective with the January 2016 benefit payments. The COLA adjustment was 1.7% effective with the January 2015 benefit payments, 1.5% effective with the January 2014 benefit payments, 1.7% in 2013 and 3.6% in 2012. There were no COLA increases in benefit payments for 2010 or 2011.
Finally, when you reach full retirement age, your benefits are reviewed to be sure all reductions for age apply, with increases for months that work prevented benefit payment. In the case of early retirees receiving benefits while still working, this review could increase benefits if their earnings were high enough to prevent benefit payment for five months. The review at full retirement age would result in a benefit increase by the amount of those five months.
Protective Filing
Protective filing is the term used for the first time you contact the Social Security Administration to file a claim for retirement. Protective filing dates may allow an individual to have an earlier application date than the actual signed application date. This is important because protective filing often affects the entitlement date for retirement beneficiaries and their dependents.
Note that a written statement must establish intent to file. This may be necessary to protect your rights to receive benefits beginning with a specific month. The Social Security Administration cannot begin your benefits any earlier than the month you file if you want benefits to begin before your full retirement age. Even if you are at your full retirement age or older, retroactivity of benefits is limited.
The written statement must show your intent to claim benefits either for yourself or on behalf of another. A written statement of intent to file must be signed or initialed (this includes typed signatures and initials) by you, a third party, or an SSA employee to establish the protective filing date. A Social Security Administration employee's personal identification number satisfies the signature requirement when the employee completes the 800 Number System Worksheet to document the protective filing date. A written statement also includes the date you or the third party first completes the Internet Claim.
Do Over Provision
You may have unexpected changes after you file for your Social Security retirement benefits. If you are receiving Social Security Retirement benefits and you change your mind (for any reason) you may be able to withdraw your Social Security claim. You can then re-apply at a future date.
You can only do this before you are entitled to retirement benefits for less than 12 months and you are limited to one withdrawal per lifetime. This is a change in policy that the Social Security Administration began December 8, 2010. Before the change you could withdraw your application at any time. It is now even more important to make the right decision the first time.
Appeals
If the Social Security Administration makes a decision you disagree with, you can file an appeal. The first appeal is called a Request for Reconsideration. A person other than the person who made the initial determination will review the case and any additional information you provide and determine if the decision was correct or should be changed.
If you still disagree with the decision after the reconsideration process, you can file a Request for Hearing before an Administrative Law Judge. You will then be granted a hearing and will present your case before the Administrative Law Judge. If you still disagree with the decision you can request an Appeals Council review of the Judge's decision.
You have 60 days from the date of the decision to file your appeal. Social Security will grant you an additional 5 days for mail time when filing your appeal. If you are outside your appeal period, you can still file if you have good cause for late filing.
Earnings Test
If your age is under your full retirement age, employment can prevent you from receiving some or all of your Social Security retirement benefit. The amounts normally change yearly. In 2019 if you are between age 62 and December 31st of the year before you reach your full retirement you can earn up to $17,640 each year without affecting your Social Security benefit. If you earn over that amount the Social Security Administration will withhold $1 for every $2 you earn over $17,640. The year you reach your full retirement age the yearly amount increases to $46,920 per year with $1 for every $3 you go over $46,920 withheld from your Social Security benefit. Only earnings for months before you reach your full retirement age counts toward the $46,920.
Once you reach your full retirement age earnings have no effect on your Social Security monthly benefits. Note: This only refers to wages affecting the receipt of monthly payments. It does not refer to recalculation of benefits based on your earnings.
Source: https://socialsecurityretirementguide.com/benefit-appeals-and-recalculations/
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