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Was I Supposed To Put In Another Claim To Receive Higher Benefits At Age 70?
Aloha, Larry! I started receiving my SS at age 67, I am now 70. Was I supposed to put in another claim to receive higher benefits for age 70? Mine are very low, especially after they take out for Medicare. Thanks. Just checking to see if I can bump them up!
Hi. Your benefit amount doesn't increase when you reach age 70 unless you voluntarily suspended your benefits prior to then. Social Security retirement benefits increase by 2/3rds of 1% for every month that you voluntarily suspend your benefits between your full retirement age (FRA) and age 70. But, if you start drawing your benefits prior to age 70 and if you don't voluntarily suspend your benefits, your benefit rate doesn't increase when you reach age 70.
Best, Jerry
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September 13, 2021