Ask Larry

Is It Really Worth It To Delay My Application?

Urgent because I am so broke. My birthday is Dec. 30 and I'll be 63. I'm putting in for early benefits. Is it really worth it to delay my application for that 5%? Do they prorate the previous year so that I get at least some of the higher benefit--or am I treated the same as if I applied on my birthday at 62.

This really is urgent because I can't keep up with my rent and need cash ASAP.


Just another American "Hero"


The reduction percentage applied to your retirement benefit rate if you file between ages 62 & 63 is calculated at 5/12ths of 1% per month. So, if you started drawing your benefits effective with November 2018 as opposed to December 2018, your benefit rate would only be roughly 5/12ths of 1% lower. The actual percentage difference could be slightly different, though, due to dollar down rounding.

You don't mention whether or not you're working, so I don't know if the Social Security earnings test ( might be a factor in your case, nor do I know if you have any better options available to you. You may want to strongly consider using our software to make sure that you make the best possible choice considering your circumstances.

Best, Jerry

Nov 26 2018 - 4:30pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.