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Social Security benefit after full retirement age.

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PapaGeek
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Social Security benefit after full retirement age.  Reply with quote  

The Social Security website provides a table based on delayed retirement. http://www.ssa.gov/retire2/1943.htm


Based on that chart, when I retired in March 2014 I was expecting 106% of my full benefit, but I only got 104.7%. When I called my local SS office I was told that delayed benefits are only adjusted annually, based on your age in January of each year, then adjusted a final time to 132% on the month your turn 70.

Since my January and February checks would have been for the same amount they were able to pay me retroactive checks for those two months as if I had retired in January.

Does anyone know where on the Social Security website they tell us the benefits are only adjusted on an annual basis after full retirement age?
Post Wed Sep 17, 2014 8:08 am
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blixet
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Try Section B.1. here: https://secure.ssa.gov/poms.nsf/lnx/0300615690

or here: http://www.ssa.gov/OACT/quickcalc/early_late.html

There is also a pretty thorough discussion here: http://www.bogleheads.org/forum/viewtopic.php?f=2&t=90454

Information is more valuable sold than used – Fischer Black
Post Wed Sep 17, 2014 1:52 pm
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PapaGeek
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Thanks blixet, your first link is exactly what I was looking for. I already found the second link, but it does not mention that the increases only occur every January. The first link clearly states “January of the year following the year the increment months were earned”.

A friend asked about retiring in the next couple months. She is already 66 and I told her to wait till after January. I told her I’d look for the backup quotes that explained why, and you first quote is what I needed. She was born in March and would get a 6% increase in her benefits if she waits till January instead of asking for the money in October or November.

Thank again!
Post Wed Sep 17, 2014 3:28 pm
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