Jim,
Your status has nothing to do with the number of points in your account at any given time.
Status is based upon the number of points you earned during any given year by riding Amtrak. That means that only points earned because you brought a ticket for a ride on Amtrak count towards status. Basically you earn next years status by earning rail points in the current year. So if you earn enough points this year to reach Select Status, then you'll be at the Select level all next year, as well as the remainder of this year from the date you accumulated enough points to reach that status.