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I turned full retirement age (66 4 months) this month, but I am not yet collecting social security. My account shows I would collect $xxx now and $xxx + $938 at age 70. With 44 months between now and then that works out to an increase of about $21 a month. There is a slider on the My Social Security account page that allows you to theoretically look at your projected payment amount at any age. However, when I advance the slider it only changes the payment amount at 12 month intervals. In other words if I advance the slider to 67 and 3 months it still shows $xxx as my benefit, but if I go to 67 and 4 months it shows $xxx + ($21 x 12).
I said all that to ask this question. Does my benefit increase by about $21 for every month I wait or does it only increase at 12 month marks as the slider tool indicates. I assume it’s the former, but want to be sure.
When I use the SS benefits tool at the official website, it gradually raises my dollar benefit with age. For whatever reason, there is a flat spot where the tool shows the same dollar benefit for the 4-months following my FRA age. Other than that small flat spot, which I think is probably an error, my benefit gradually increases.
In addition to the graph, you can click on the "estimates table" and see all of the values. The table reports every other month, basically.
When I use the SS benefits tool at the official website, it gradually raises my dollar benefit with age. For whatever reason, there is a flat spot where the tool shows the same dollar benefit for the 4-months following my FRA age. Other than that small flat spot, which I think is probably an error, my benefit gradually increases.
In addition to the graph, you can click on the "estimates table" and see all of the values. The table reports every other month, basically.
I am not getting 12 month intervals at all.
I logged back in and I’m still getting the same results from the slider tool and when I click on the estimates table I only get four lines.
If I read you correct You'll get an extra 2/3 of 1% for each month you delay after your birthday month, adding up to 8% for each full year you wait until age 70. The clock starts ticking the month you reach full retirement age.
That happens every month, not every year. I started collecting at FRA plus 11 months and that's how it was calculated. There is also something about waiting till January to collect, can't recall what that was but I had waited until the next full year to collect.
I think Rakin is correct but it has been a long time since I looked at this part of SS.
If this is important I would write a letter to them asking the question.
I think Rakin is correct but it has been a long time since I looked at this part of SS.
If this is important I would write a letter to them asking the question.
I am almost certain that it increases every month, but was just curious if anyone else had the same issue with the slider tool on the My Social Security page. I’m going to wait until February and see if my benefit increases or not. If it doesn’t show an increase then, I will pursue it further.
If I read you correct You'll get an extra 2/3 of 1% for each month you delay after your birthday month, adding up to 8% for each full year you wait until age 70. The clock starts ticking the month you reach full retirement age.
That happens every month, not every year. I started collecting at FRA plus 11 months and that's how it was calculated. There is also something about waiting till January to collect, can't recall what that was but I had waited until the next full year to collect.
Ss works differently after fra . Except for the month you will be 70 .
Say you retired at 68 -1/2 in July ……you would get the previous january amount ….you would be missing 6 months of credit .
Comes the new year you would be recalculated in January and going forward get paid for the delayed credits you earned from last January to July .
But the dirty lil secret from ss is they will never pay you retro for the 6 months you didn’t get from last January to July …you only get the proper amount going forward .
At 70 though they pay you to the moment if you wait just like pre fra ….it is the exception to the January calculation rule
The only way to get everything due you is to file for a January check since all after fra calculations are done in January
Ss works differently after fra . Except for the month you will be 70 .
Say you retired at 68 -1/2 in July ……you would get the previous january amount ….you would be missing 6 months of credit .
Comes the new year you would be recalculated in January and going forward get paid for the delayed credits you earned from last January to July .
But the dirty lil secret from ss is they will never pay you retro for the 6 months you didn’t get from last January to July …you only get the proper amount going forward .
At 70 though they pay you to the moment if you wait just like pre fra ….it is the exception to the January calculation rule
The only way to get everything due you is to file for a January check since all after fra calculations are done in January
So if I’m understanding you correctly I am only seeing changes at 12 month intervals because my full retirement age happened to take place in January which is the month benefits are re calculated after FRA.
And using my original example, if I was to start collecting in June of 2023, I would collect $xxx for the remainder of 2023 and then starting in 2024 I would collect a re calculated amount that factored in increases for January through May of 2024. Correct?
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