Ask Larry

Delayed Retirement Credits

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

Would My Benefit Amount Increase By 8% Per Year If I Delay Starting My Benefits Even If I've Stopped Working?

I retired 65 and will reach my full retirement age in 8 months. If I delayed taking it for another year or two would my monthly base amount increase (~8% for year) or does that sonly happen if you continue to work. i.e. If you reach you full retirement if you stop working/contributing your base amount is frozen except of Cost of Living increases, even if you delay taking it?


Thursday, February 11, 2021 - 16:47

Can Anyone Explain Why My Wife's Benefit Amount For December Is So Much Lower Than Her Benefit Amount For January?

Spouse received her Award letter yesterday with first payment scheduled for receipt in January 2021 for December 2020 benefit. This will be her first payment on her Own Record as she has been receiving a Spousal Benefit. The last claim for Spousal is November 2020 and expected receipt on December 20,2020. (Delayed Credits have been accruing)
The letter states the following: "You will receive $2,683.00 for December 2020. After that you will receive $2,853.00 on or about the fourth Wednesday of each month."

Thursday, December 10, 2020 - 14:02

Do I Have To Continue Working Between My FRA And Age 70 To Be Eligible For Delayed Retirement Credits?

Do I have to continue working between my FRA and my 70 DOB to be eligible for Delayed Retirement Credits? Thanks!


No. You can accrue delayed retirement credits (DRC) from full retirement age (FRA) until age 70 whether you are working during that time or not.

Best, Jerry

Tuesday, October 20, 2020 - 11:30
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