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:
Delayed Retirement Credits
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?
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.
Is the 8% per year delayed credit compounded?
No, it's not compounded. So, a 4 year delay means a 32% increase.
I am 65 and plan to work past age 70, is it true that i can apply to receive my SS benefits but have them kept for me with 8% interest, collecing the money and interest at age 70? If so, will I then obtain my SS rate at the age I would qualify at 65 or at age 70? Thanks, Amy
My wife (born 1946) gets a reduced benefit so that at age 70 she supposedly will get an additional 8% a year. She turned 70 in May 2016. I have a simple question; will her benefit now increase automatically or does the SSA need to be notified that she is now 70 years old?
Thanks for the help! Always enjoyed your show on WHYY.
I was looking on how to calculate retirement benefits in years 67,68,69 before I turn 70 IF I filed and suspended and took a spousal benefit, then decided before 70 to take what the full retirement at that age I chose. Or is there a simple math equation as a multiplier on a per year basis ?