Ask Larry

I begin collecting my benefits at 62 no wife no kids I am 65 now am I ok ? Can I ever get more benefits ? thanks

Hi,

Well, you'll always be stuck with a reduced benefit rate in return for your decision to start your benefits at age 62. Unless you would qualify for higher benefits on the account of a former spouse, it sounds like there are only 2 ways that you could get a higher benefit rate. One would be by working and earning more in a year or years than in one or more of the highest 35 years of wage-indexed earnings previously used to calculate your current benefit rate (https://www.ssa.gov/pubs/EN-05-10070.pdf).

The other way that you could potentially increase your benefit rate is by voluntarily suspending your benefits from age 66 to age 70. That would give you a 32% higher benefit amount when you resume drawing your benefits at age 70, but it would mean doing without any Social Security payments for 4 years. Or, you could suspend your benefits for only a portion of those 4 years, but that would mean less of a rate increase. Your benefit rate would be increased by 2/3rds of 1% for each month that you voluntarily suspend your benefits between ages 66 & 70.

Best, Jerry