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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Would My Benefit Amount Increase By 8% Per Year If I Delay Starting My Benefits Even If I've Stopped Working?
Larry,
I retired 65 and will reach my full retirement age in 8 months. If I delayed taking it for another year or two would my monthly base amount increase (~8% for year) or does that sonly happen if you continue to work. i.e. If you reach you full retirement if you stop working/contributing your base amount is frozen except of Cost of Living increases, even if you delay taking it?
Hi,
Yes, your benefit rate would grow by 2/3rds of 1% for each month, or 8% per year, that you defer collecting benefits from full retirement age (FRA) until age 70. That's true regardless of whether or not you continue working.
You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.
Best, Jerry
Category:
Posted:
February 11, 2021