Hello,

I reached the full FRA (66) on Feb 28, 2015. I did not file for my benefits at that time. I want to file for benefits when I reach age 69. Should I file to receive benefits on my birthday, Feb 28, 2018, or on Mar 1, 2018? Thank you for you help!

Hi,

Your benefit rate increases by 2/3rds of 1% for each month that you delay taking your benefits until age 70. So, it's up to you when to start drawing, but the sooner that you start before age 70 the lower your permanent monthly rate will be.

I should add that when you file for benefits between full retirement age (FRA) and age 70, delayed retirement credits (DRC) are initially credited only through the December prior to your month of entitlement. Therefore, your initial benefit rate would be the same whether you start drawing effective with either February or March 2018. However, any additional DRCs due for 2018 would then be creditable effective with your benefit payment for January 2019.

Before deciding on what to do, you may want to strongly consider using the maximization software available on this website to compare your options so that you can make an informed decision.

Best, Jerry