Ask Larry

Will My Payment In February Only Include A Portion Of My DRC Increase?

Hi Dr.
I’m going to be 70 in January 2023. I suspended my benefit on my 66 th birthday. I believe Social Security will automatically resume payments after my birthday in January
From what I read, Will my payment in February include only 24% increase DRC with additional coming sometime after next January?
Thank you, John

Hi John. No, when Social Security reinstates your benefits at age 70 they should credit you with all of the delayed retirement credits (DRC) you've accrued. As a result, since your full retirement age (FRA) was 66, if you didn't collect any benefits from FRA until age 70 you should get a full 32% boost in your benefit rate from DRCs.

Best, Jerry

Nov 27 2022 - 3:31pm
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