Thanks for your software offer. I doubt I'll be needing it though as I am now 70yrs old. I would have used it assuredly if I had seen it some years ago.....I filed early at 62 - rcvd payments until 66 - suspended (before apr. 2016) - am now 70yrs old - When my payments resume and my delayed benefit credits are added, are they added to my FRA, or my last payment at age 66 when I suspended? $ 1650 initially - $ 1725 at age 66 - my FRA is $ 2200. So will my new monthly payments be based on 2200 x 8% x 4yrs, or will they be based on $ 1725 x 8% x 4 yrs? I have not been asked to pay anything back....thanks much for your help
Neither of those choices are exactly correct. First off, your reduced benefit rate would continue to be adjusted for any cost of living increases (COLA) that occurred while your benefits were suspended. Then, if you drew no benefits from your full retirement age (FRA) of 66 until age 70, your reduced rate inclusive of COLAs would be multiplied by 1.32. In other words, since you drew reduced benefits prior to FRA the 32% that you earn via delayed retirement credits (DRC) will be applied to your reduced benefit rate, not your FRA rate.