Hi Larry, I've been seeing various articles regarding the changes to Social Security benefits due to the FRA change that is supposed to occur in 2021. Is this true, will I lose money waiting until I turn 70 in September of 2021 compared to filing in December of 2020?

Thanks,
Tony

Hi Tony,

It's true that the full retirement age (FRA) for people turning age 66 in 2021 will increase from 66 to 66 & 2 months, but that will have absolutely no effect on you if you're turning age 70 in September 2021. Waiting until September 2021 to start drawing your monthly benefits instead of starting to draw them in December 2020 will provide you with a 6% higher monthly Social Security retirement benefit amount, and if you're married that higher rate could potentially be passed along to your spouse in the form of a higher survivor benefit if you die before her.

I don't have enough information about your circumstances to be able to advise you of your best strategy with regard to filing for your benefits, though, so you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and analyze your options so that you can make the best possible choice.

Best, Jerry