Retirement Benefits

Is There A Provision For Increasing Monthly Benefits Now Or In The Future Not Counting The CPI?

Born in '46 and waited till 66 BD to apply for benefits. Is there a provision for increasing monthly benefit distribution now or in the future not counting the CPI every year?


No. Other than for cost of living increases (COLA), the only way that your Social Security retirement benefit rate could increase is if you work and earn more in a year than you did in one of your previous highest 35 years of wage-indexed earnings.

Best, Jerry

Will My Current Lower Income Significantly Reduce My Full Retirement Benefit?

Hi Larry!
I've enjoyed reading your insights on John Mauldin's newsletter. Thank you.

All of the Soc Security calculators assume that I will be making the same income as I did in 2019. Due to COVID-19, many of us are taking pay cuts and being furloughed. I'm in the trade show industry, so it will be a long slog with lower income.

Does My Benefit Amount Go Up By 8% If I'm Not Working Or Getting Benefits?

If I am not working and not getting SS yet, does the amount I will receive still go up 8% a year?


If you're eligible for Social Security retirement benefits but you haven't started drawing them and if you're between full retirement age (FRA) and age 70, then yes your benefit rate would increase by 8% per year (i.e. 2/3rds of 1% per month) until you reach age 70 unless you start drawing your benefits before then. Those increases are caused by delayed retirement credits (DRC), and you don't need to be working in order to accrue DRCs.

What Do I Do As Far As Still Working While Drawing Benefits?

I retired from the military after 20 years of service in 1992. I turn 66 on August 31, 2020 my wife turns 66 on April 22, 2021. I am still working and do not know when I will stop. We both pay for Medicare Part B because it is a requirement for Tri-Care for Life. As I am still working, the company & SS still takes out of my check for SS and Medicare. I wish to enroll for my FRA SS but not sure when I should do it. My wife will apply for the 50% rate at her FRA off my SS due to not having enough credit of her own.

Will My Personal SS Benefits Continue To Grow Until Age 70 If I'm Receiving Widow's Benefits?

I am currently 66yo. I retired at 61yo. I started collecting widows benefits at 62yo. Will my personal SS benefits continue to grow until I turn 70yo, and should I go to SSA and see if my personal SS benefits are greater than what I am currently receiving?


Yes, your own Social Security retirement benefit rate would continue to grow until you reach age 70 as a result of delayed retirement credits (DRC). The fact that you're drawing survivor benefits has no adverse effect on your own benefit rate.

Will Social Security Include My 2020 Salary In My 35 Years Of Highest Earnings?

I plan on retiring at my FRA in October 2020. I currently am working and will continue to work until October 31, 2020. When I look at my earnings record, it ends in 2019. Will social security include my 2020 salary in the 35-years of highest earnings if I retire in Oct 2020 or should I wait until Jan 2021 to have the 2020 earnings included?
Thank you


Which Month Will I Qualify For My Age 70 Benefit Rate?

This is slightly different from the 2/17/2017 question about when to apply for deferred benefits. In that case the person had not been receiving benefits. I will turn 70 in August but I have been claiming a spousal benefit for several years. I want to cancel the spousal and start my own. My wife will start claiming her full benefit at that point. Assuming I start in August, will I receive credit for August at the new amount (to be paid in September)? Or does the new rate start in September (to be paid in October)?