I was born in 1955 and plan on taking retirement benefits in 2023. Is it best to wait until I am 68 or 68 and 2 mos?
Thank-you

Hi. There's not a definite answer to your question. Filing at age 68 & 2 months vs. age 68 would result in a higher permanent monthly benefit rate of roughly 1.33%, but your best option depends on a number of other variables. Each person's circumstances are unique, and the best filing strategy for each person depends on their individual set of circumstances.

One thing to know is that if you claim benefits before age 70, you won't immediately be credited with all of the delayed retirement credits (DRC) you've earned unless you claim benefits effective with the month of January. If you claim benefits effective with any month other than January, you'll initially only receive credit for the DRCs you earned through December of the year prior to the year you claim benefits. Any additional DRCs that you accrued in the year you claim benefits couldn't be credited until effective with your benefit rate for January of the following year.

Before you decide when to apply, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry