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May 1, 2018
Category:
Who Is Correct?
I have received SS since age 63. I am now 67 1/2 and want to suspend benefits until I am 70.
Everything I've researched tells me I can gain 8% annually on my current monthly benefit of $2040 so I'd get aprox. $2474. at age 70.
The folks at Tucson SS say that is not the case and because I filed at 63 my benefit at 70 would only be $2284.
I can't find anything to justify their line of thought. Why isn't it a 8% yearly increase???
Who is correct????
Thank you,
Tom
Hi Tom,
You can suspend your Social Security retirement benefits and your benefit rate will increase by 2/3rds of 1% per month (i.e. 8% annually) for each month that you don't receive payments. If you're now age 67 1/2 and suspend your benefits until age 70 it sounds like your math is more accurate than that of the folks at Social Security.
Best, Jerry