Ask Larry

Do I Get Credits For Waiting 2 Years Past Age 65?

I turn 67 in October and plan on retiring in January, 2022 and starting my benefits at that time. Do I get and creidts for waiting 2 years past 65? I've heard of getting 6 months worth of benefits but don't know how to get it

Hi. Since you were apparently born in 1954, your full retirement age (FRA) for Social Security retirement benefits was the month you turned age 66. If you had started drawing your benefits at age 65 your benefit rate would have been reduced for age. Your rate won't be reduced for age since you didn't start drawing early, plus you'll earn delayed retirement credits (DRC) for each month that you don't collect benefits between ages 66 & 70. DRCs increase your FRA rate by 2/3rds of 1% per month, or 8% per year.

When you apply for benefits you could elect to start your benefits up to 6 months prior to the month that you apply, but if you choose to get paid for retroactive months you'll lose the DRCs that you would have earned for those months. In other words, the earlier you elect to start drawing your benefits prior to age 70, the lower your monthly rate will be.

You should strongly consider using our software ( to fully explore all of your options so that you can determine the best strategy for maximizing your benefits.

Best, Jerry

Oct 4 2021 - 5:19pm
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