Larry: I am 68 as of Aug. 2016 I waited the extra year to increase my benefit by the 8%. My benefit was $2521 at age 66 so I figured I would get the 8% increase when I applied at 67 a year later but from what I can tell that was not the case. My benefit came back $2521. They said my monthly benefit was raised starting Oct. 2016 with credit for being at least full retirement age and did not receive a retirement benefit because of my work and earnings.

Let's say my SS full retirement age is 66. Do I have to still be working between age 66 and 70 in order to receive the 8%/year increase in benefits through Delayed Retirement Credits? My thought is that I don't have to be working while delaying and that the mere delay of the benefits (e.g., potentially less time to collect benefits) is what would make it actuarially equivalent. I posed this to the SSA in verbally and via email. Verbally I was told I must be working during age 66 -70 to get the increase.

IN AUGUST 2016, I TURNED 68 YRS. OLD. I HAVE NOT APPLIED FOR SOCIAL SECURITY. HOWEVER, I ESTABLISHED AN ON-LINE SOCIAL SECURITY ACCOUNT IN 2015. IN FEB. 2016 AT AGE 67 & 6-MONTHS, I PRINTED OUT AN EARNINGS BENEFIT STATEMENT. SIX MONTHS LATER IN AUGUST 2016 AT AGE 68, I PRINTED OUT ANOTHER BENEFIT STATEMENT & THE BENEFIT WAS THE SAME AMOUNT AT AGE 68 AS IT WAS AT AGE 67 & 6-MONTHS. I UNDERSTAND THAT AFTER AGE 66, I AM SUPPOSED TO RECEIVE A DELAYED CREDIT OF 8% PER YEAR.

After my wife and I reached FRA but before the new law took effect, I applied and suspended my benefits while my wife started receiving here spousal benefits. At 69 I retired from my job and "unsuspended" my benefits as they called it. I've realized we could get by a year without benefits and wish I hadn't started them. If I suspend again now it sounds like my wife would lose her benefits as long as mine were suspended. We might make that work.

I turned 68 in July 2015. I filed for S.S. I had deferred two years of S.S. When I went to start my benefits the S.S office gave me one year of deferred increase. They said I had to wait until Jan. 2016 to get the deferred benefits of the second year. It is now August 2016 and still no increase. I have made two appointment and both times they said I had the extra year coming and did the paper work to put it in motion again. But nothing. I don't know where to turn.

Hi,

Since my immigration to USA in 1994, I have been earning income from employment. When I reached FRA in 2013, I have 20 years of work history in SSA. Currently I'm still employed with an annual income of about $65k and would continue for a few more years. My questions:

Are declared cost of living increases on Social Security added on to the the deferred retirement credits if one chooses to retire at the maximum retirement age?

Thank you

Hi,

Hello Larry, I'm approaching age 66 in two months and am planning to file and suspend so as to receive maximum benefits at age 70. If during that four year period I need to take my full retirement benefits before age 70, does SSA prorate evenly the amount received? For example, if I file for full benefits at age 68, is the estimated incremental amount received exactly 50% of the difference between what the SSA would grant at age 66, and what it currently estimates at age 70? The SSA staff at our local office don't have to a way to calculate my benefits at age 68.

Hi Larry: I've purchased your software, thank you. Questoin: I am single (divorced in 1978 after 3 year marriage). At FRA am I REQUIRED to file for SS benefits (I'm planning on claiming at age 70) via file and suspend, or can I simply wait until age 70? I assume the +8%/yr. is applied if I wait until age 70 to file - is this correct. Thanks very much.

Hi,

Is the 8% per year delayed credit compounded?

Hazrat,
No, it's not compounded. So, a 4 year delay means a 32% increase.
Best,
Mike