Ask Larry

Would I Be Eligible To Receive Higher Payments At Age 70?

I started Social Security benefits at age 63 years. I am receiving benefit payments based on my own earnings and benefits as a wife. My payments were reduced due to starting early at age 63 prior to my FRA of 66 years. My Spouse’s benefit started at age 65 reduced for 4 months before his FRA of 65 years and 4 months.
Would I be eligible to receive higher (by 32%) payments on my own earning when I turn to age 70 years? Your clarification would be greatly appreciated.
Thanking you,

Hi KV,

If you are currently between ages 66 & 70, you could suspend your benefits in order to earn delayed retirement credits (DRC) until age 70. However, that would mean not receiving either your own benefits nor your spousal benefits until age 70. And, any increase in your own benefit would reduce your excess spousal benefits dollar for dollar, so you may simply be giving up benefits for no overall gain in your benefit rate.

Best, Jerry

Nov 6 2016 - 9:45am
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