I am 68, currently receiving a spousal benefit, and trying to decide when to switch to the benefit based on my work record. Social Security provided benefit estimates for January 2022 (I turn 69 in December 2021) and January 2023 (I turn 70 in December 2022). My delayed retirement credit is supposed to be 8% for each year beyond my full retirement age of 66, but SS says my 2023 benefit will only be 5.8% larger than my 2022 benefit. Can you explain the discrepancy? Thank you.

Hi. No, but estimates provided by Social Security are sometimes inaccurate. One thing that I can assure you is that if you reach age 70 in December 2022, you wouldn't want to claim your Social Security retirement benefits any later than that month. And, since your full retirement age (FRA) was age 66, if you claim your benefits starting with the month you reach age 70 your benefit rate will be 32% higher than your FRA rate, or primary insurance amount (PIA).

You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to get accurate estimates so that you can make an informed choice on when to start drawing your own benefits.

Best, Jerry