Ask Larry

Delayed Retirement Credits

Do I Need To Appeal?

I filed in the month following my 68th birthday and was told by a rep my benefit would be $2036. My letter stated a lower amount of $1965 and when I called SS a rep said I would not get $2036 until January 2022 when my DRCs from 2021 would be added. The rep said I would also get a lump sum of the difference between $2036 and $1965 retroactive to cover the remaining months of 2021. I am still working and will earn more than my lowest annual pay so will increase my 35-year average.

Monday, December 13, 2021 - 17:41

Do I Need To Remain Patient?

My FRA is 66 (DOB: 11/12/52). I claimed my own benefits at age 67 & 7 months in July, 2020. I have been receiving the benefit reported in my benefit statement as of Jan. 1st, 2020. I understood the benefit would be adjusted on Jan. 2021 to reflect the additional seven months I waited to claim benefits. Upon my first call the representative said the adjustment would be made 6/1/ 21. Nothing happened. I called again in August and the rep. said they are understaffed and he did not know when they would get to this. Do you have any other info on this?

Friday, October 8, 2021 - 16:33

Why Does My Benefit Amount Increase Each Year?

I was reading about delayed credit and I was wondering, when you look at what you are going to collect at age 66, 67, 68, the amount increases with every year you wait, is the amount reflective of the delayed credits or are the delayed credits on top of what you would get later? For example, if I am receiving $2,500.00 at month at 66, would my increase at 68 be because of delayed credits, or are delayed credits like a bonus? Also do I have to apply for benefits and then suspend to get the delayed credit?

Sunday, September 19, 2021 - 08:29

Can You Explain The Discrepancy In My Benefit Estimate?

I am 68, currently receiving a spousal benefit, and trying to decide when to switch to the benefit based on my work record. Social Security provided benefit estimates for January 2022 (I turn 69 in December 2021) and January 2023 (I turn 70 in December 2022). My delayed retirement credit is supposed to be 8% for each year beyond my full retirement age of 66, but SS says my 2023 benefit will only be 5.8% larger than my 2022 benefit. Can you explain the discrepancy? Thank you.

Monday, August 16, 2021 - 13:58

Feedback Regarding DRCs.

Jerry - this is not a question, just some feedback:
I’ve been following your posts on DRCs for those filing between FRA and 70, so when I filed in Sept 2019 at 68 1/2 I was prepared for delays. FYI, SSA finally “caught up” in August 2021 - 23 months after filing. My full DRCs are now finally credited, with back-pay from Jan 2020 as you predicted.

Wednesday, August 4, 2021 - 16:35

Should I Wait Until Age 70 1/2 To File In Order To Lock In All Delayed Retirement Credits?

I am approaching age 70. I have been allowing my monthly delayed retirement credits to accumulate in order to maximize my monthly benefit going forward. If I file at age 70, and take the retroactive lump sum, will I lose the 6 months' delayed retirement credits I earned from age 69 1/2 to age 70, and thus a smaller check every month going forward? If so, should I wait until age 70 1/2 to file, to "lock in" all possible delayed retirement credit, and then accept the retroactive lump sum? Thank you.

Wednesday, March 3, 2021 - 09:51

Should I Call Social Security?

Hi Larry,
I used maximize my social security to determine when to collect benefits. I started in July 2020 at age 68 1/2. For whatever reason social security started paying my benefits based on January 2020 accruals. I called and they promised that my benefits would be recalculated in early 2021. It's mid February; When in the year will benefits be recalculated. I have no confidence that this will be done correctly. Do I call? Thank you.


Tuesday, February 16, 2021 - 11:46

Do You Have Any Thoughts On My Situation?

I recently started taking social security benefits after waiting 23 months past my FRA. From reading you, I concluded that 23 months of delay past FRA would come to an additional 15.33% in benefit amount (23 x 0.67%). However in January I received on the first 13 months of benefit delay (8.67%). When I call Social Security the national number tells me the state where I filed are the people I need to talk to. The state level people tell me that I have to wait until 2020 taxes are filed before I will get the additional DRC credit. I think I'm getting the runaround! Any thoughts?

Tuesday, February 16, 2021 - 11:01
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