I started social security benefits based on my late husband's work record in January 2011 when I was 61. I am now 67, and plan to switch to my own work record in January 2018. Was I supposed to have taken some action when I turned 66? I have seen statements on the web that one has to "suspend social security" in order to earn delayed retirement credits. I had thought that I would earn DRCs automatically just by the passage of time. I am going through hardship to wait this long, and am so worried that something will go wrong. I hope that I have been earning DRCs.
Delayed Retirement Credits
Thank you in advance. Hope you can advise me on a SSA DRC issue.
I am 68 years old and born in July 1948, not married, and receiving a civil service retirement. I also worked for 10 years under social security and have enough credit under social security to get retirement benefits. I applied in person for social security retirement in Sept 2016 to be effective July 2016. At the time I applied, the SS representative provided me with a benefit matrix indicating my benefit amounts for every month from my FRA date and beyond for 48 months. The benefit matrix for July 2016 indicated a benefit of $927 per month.
I worked for railroad for 15 yrs and also had Social Security benefits. I retired and started drawing combined benefits at age 62. I have continued working part time since then (presently age 85) and am told I can now request delayed retirement credits for years between 65 and 70 yrs of age based on age reduction at start of benefits. Is this true? I have Social Security work base of more than 40 yrs. now
I turned 68 in July 2016. If I file for benefits in October 2016, my benefit will only include my DRC through December 2015 (112%), The additional 10 months of DRC (Jan 2016 - October 2016) will be paid, along with my benefit calculated including ALL my DRC (July 2014 - October 2016 (118%).
Is this correct?
thx for your help
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.