I am planning to file for SS benefits next year. I will be turning 68 in April. When I checked the SSA website for an estimate of my benefits, there was no difference in the amount it calculated whether I started my claim in January or waited until my birthday month. Is that correct?
Hi,
if i dont take ss at 66 how much does it grow ?i might wait another year , im getting my pension
Hi,
Delayed retirement credits (DRC) add 2/3rds of 1% to a person's benefit rate for each month that they delay collecting Social Security retirement benefits between full retirement age (FRA) and age 70. That amounts to an increase of 8% for each year they delay starting benefits.
Hi Larry.
My question is about when delayed retirement credits and cost of living adjustments are credited. Based largely on information in your book, "Get Whats Yours" I had decided to wait until age 70 to apply for my benefit. That will be in May, 2021.
Recently I am considering applying a little early, in December of 2020. As I understand it my December benefit would be paid in January, 2021. Would that January check include both the accrued delayed retirement credits and cost of living adjustment through 2020?
Thank you.
Hi,
My wife reached her full retirement age (66) last November. We went to our local security office last week and didn't have a very helpful person. My wife signed up for social security to start in April this year with the first check coming in May. We expected to receive the amount earned at 66 plus 5 months of extended credit for waiting 5 months past her retirement age. The social security representative said my wife will not receive the payment for the additional 5 months until next year, just the amount due at 66. I had never heard that before is it correct? Thank you.
Hi Larry, I've been receiving SSDI for a decade & was just converted to Reg. benefits at my FRA of 66 in 12/2019. I'm an RN who often worked limited hours while disabled - as per SSA guidelines. I'm considering suspending benefits until 70 only if there's any hope for improvement per the reasoning in my next paragraph....otherwise, it's not worth it for me. How much of a timeline do I have to suspend benefits and reimburse the SSA after turning 66 two mos ago? I've read conflicting reports of 6 mos, 12 mos, etc. ... but here's the bigger problem:
Hi Larry,
I started drawing my Social Security benefit at 63-1/2. If I suspend at my FRA, is the 8% annual increase based on the amount I received to begin with, or at the amount I'm receiving at the time I file to suspend?
Thank you for your help!
Hi,
At age 67 I changed from survivor SS to my SS. I was told at that time that my SS would increase at age 70. If this is true when will I get my increase? I turned 70 October 22, 2019.
Hi,
I'm sorry to tell you this, but it sounds like you must have been misinformed. If you had waited until age 70 to switch to your own Social Security retirement benefits then your benefit rate would have continued to grow by 8% per year due to delayed retirement credits (DRC). However, once you start drawing your own benefits you stop accruing DRCs.
I am 62 and have been drawing Social Security Disability for more than 7 years. When I reach full retirement age can I suspend my Social Security until Age 70 to increase my check amount.
Hi,
Hi Larry, I turn 67 on 27 December this year. If I file for Social Security in January 2020, my understanding is that I will get 8% additional due to DRC's. 1st question: Is my understanding correct? By filing in January, will I also get an additional 0.67% the following January due to earning a month's worth of DRC by filing in January of 2020? Similarly, if I waited until February of 2020 to file, meaning my first check comes in March, would I have earned an additional 2 months of DRC's that would be applied the following January automatically to my social security benefit?