Am I Wrong In Thinking That I Should Receive Delayed Retirement Credits?

Apr 19 2019 - 10:08am

I was born in July 20 1949. I filed and suspended my Social Security benefits until today.
I was told at the time that I filed that I would get 8% increase of my benefits each year that I suspended them and when I claim for the suspension payments benefits when paid in back credits the 8% will be figured in . My local Social Security agent office in Independence Kansas said there would be no 8% increase and that I would only get the amount that was in place when I filed back in 2015 . Am I wrong in thinking that the 8% would apply?


If you filed for and suspended your Social Security retirement benefits at your full retirement age (FRA) of 66 and you don't draw benefits for any months prior to age 70, your benefit rate will include a 32% delayed retirement credit (DRC). That's based on the monthly DRC rate of 2/3rds of 1%, or 8% per year. By the way, a person can earn DRCs whether they file for and suspend their benefits or if they simply delay applying for benefits.

The only way that you would not receive DRCs is if you chose to reinstate your benefits retroactive to your FRA, in which case you'd be paid your retroactive benefits in a lump sum. You would be allowed to do that if you suspended your benefits prior to April 30 2016 (, although I'm not suggesting that you should do so. You may want to explore and compare your options using our software.

Best, Jerry