Ask Larry

Will My SSI Increase As I Get Older?

Will my SSI increase being I retired at 64 11 months as I get older or will I stay the same?

Hi. By "SSI", I'm assuming you're referring to Social Security retirement benefits. Once you start drawing your Social Security retirement benefits your rate doesn't go up simply as a result of getting older. If you choose to start drawing benefits prior to your full retirement age (FRA), the resulting reduction for age applied to your benefit rate is permanent unless some of your benefits are withheld prior to FRA because of your earnings.

Assuming that none of your benefits were withheld due to Social Security's earnings test, the only way that your benefit rate would increase in the future other than for cost of living (COLA) increases is if you work and earn more than you did in one of your previous highest 35 years of earnings on which your current benefit rate is based.

Best, Jerry

Nov 8 2021 - 9:10am
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