Ask Larry

Delayed Retirement Credits

Would You Know When The Next Recalculation Will Occur?

Hi Larry--I am waiting to receive delayed retirement credits per the rule I am aware of where the credits show up in January after the year they are earned. I reached my NRA of 66 in November of 2020 and began benefits a year later at age 67 (12 months of delayed credits due). When I began receiving benefits, I was credited for the 2 months of delay earned in late 2020 and would be due the remaining 10 months of delayed credits beginning in January of 2022. However, to date, I have not been credited for these additional amounts.

Sunday, October 30, 2022 - 12:13

Is It Correct That I Won't Receive My Full Age 70 Rate Until January 2023?

I filed for my retirement benefits yesterday by phone to start in September at age 70. The representative told me that my initial benefit amount would be the same amount as if I had filed to start in January 2022. The representative indicated that my full age 70 benefits would then start in January 2023. This is contrary to what I have read in this column that I should receive my full age 70 benefit as of my first check. Is this yet another change due to Covid-19? Thank you

Saturday, July 16, 2022 - 11:49

Doesn't It Make More Sense For Me To Start Drawing Effective With January Rather Than June?

I was planning to take ss when I turn 68 in June. It looks like the most recent delayed retirement credits is only applied annually. If I want to go with the 1/1/2021 year end valuation and not wait until June do I simply apply and request benefits to start as of Jan 2022? Seems like waiting does not make any sense.

Wednesday, February 9, 2022 - 14:56

Is SSA Being Truthful?

I bought Get What's Yours a couple years ago, and it provided excellent advice as I was preparing to file for Social Security benefits last year. After looking at my finances, I decided to ask for benefits to begin two months after FRA (66 and 2 months). Taking your advice, I wrote on the application that I wanted monthly benefits to include all Delayed Retirement Credits earned to date. Everything seemed fine when the first Social Security deposit was made at age 66 and 4 months with no lump sum payment for retroactive benefits. However, it did not include DRCs.

Monday, February 7, 2022 - 17:48

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
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.