Social Security payments can grow after retirement due to three common ways.
Megan Forristall, Public Affairs Specialist for Social Security, indicates that one way benefits can increase is due to cost of living adjustments (COLA). COLAS for Social Security are tied to inflation by law and adjustments happen automatically.
Another way to see an increase is if you continue to work after retiring. Forristall reports that if earnings after retirement are higher than the indexed higher years used in the computation, a raise will occur automatically.
Forristall says that if you retire early and work in excess of the annual limit you may see an increase once you hit the full retirement age. If your benefits were reduced due to excess earnings, those will be removed automatically when you are the full retirement age.
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