Social Security Question

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MPLSTCH
Posts: 22
Joined: Sun Mar 26, 2017 9:59 am

Social Security Question

Post by MPLSTCH » Fri Nov 24, 2017 11:28 am

I have a question when filing for SS benefits. I know at each birthday from 62 to 63 to 64 etc. that your benefit increases. My question is, does your benefit amount increase as you near your next birthday? In other words..... if a benefit at 62 is 1600.00 and your benefit at 63 is 1728.00 ....is there a gradual increase at the mid point, should you claim at 62 and a half? Hope I worded this correctly

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arcticpineapplecorp.
Posts: 2372
Joined: Tue Mar 06, 2012 9:22 pm

Re: Social Security Question

Post by arcticpineapplecorp. » Fri Nov 24, 2017 11:34 am

this link at the SSA.gov is pretty cool. It shows you what percentages below or above your PIA (primary insurance amount) you qualify for based on your date of birth and normal retirment age and when you plan to take benefits (early or late compared with PIA). You can change it by month to see how it affects the percentage of your PIA you'll receive:

https://www.ssa.gov/OACT/quickcalc/early_late.html

does that help at all?
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delamer
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Joined: Tue Feb 08, 2011 6:13 pm

Re: Social Security Question

Post by delamer » Fri Nov 24, 2017 11:37 am

Each month you delay increases your benefit (up to age 70).

vested1
Posts: 1055
Joined: Wed Jan 04, 2012 4:20 pm

Re: Social Security Question

Post by vested1 » Fri Nov 24, 2017 3:42 pm

As stated earlier, every month of delay from age 62 increases the amount you will receive based on your PIA (amount of the benefit at your FRA). From age 62 to your FRA the percentage of reduction of the PIA amount varies from .4% to .6% monthly. From your FRA to age 70 your PIA benefit amount increases monthly if delaying by 2/3 of 1%. I used to have a better reference but this one will do:

https://www.thebalance.com/early-retire ... ts-2894593

MPLSTCH
Posts: 22
Joined: Sun Mar 26, 2017 9:59 am

Re: Social Security Question

Post by MPLSTCH » Sat Nov 25, 2017 8:35 am

Many thanks.............exactly the info I was looking for.

TG2
Posts: 33
Joined: Sat Nov 25, 2017 6:50 pm

Re: Social Security Question

Post by TG2 » Sat Nov 25, 2017 7:45 pm

As others have stated, the amount of your benefit changes every month you wait. If you go into a Social Security office, they can even print out a report for you with the date and the corresponding dollar amount for every month between 62 and 70. It will of course be an estimate based on your current record and not a guarantee, but still interesting if you want to see it on paper.

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