Thanks for the explanation. I found this on https://www.ssa.gov/benefits/retirement ... ayret.html
In this example, if I read and understand correctly, the benefit would increase by 4% the following January after the 69th birthday. But you would not get retroactively compensated for the Jun-Dec payments received in the prior year that were theoretically too low. If that's correct, it would seem that if you decide to take benefits after FRA, but before 70, you should start benefits in January.
BTW, in anypia, if I put benefits to start on my 70th birthday month, I get the full increment up to that date. So, there's no bug -- it works exactly as described on the web page I linked above.
If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start receiving benefits.
For example, if you reach your full retirement age (67) in June, you may plan to wait until your 69th birthday to start your retirement benefits. Your initial benefit amount will reflect delayed retirement credits earned from your full retirement age through the year before your 69th birthday. In January of the following calendar year, your benefit will increase for the credits earned in the year of your 69th birthday.
In this example, if I read and understand correctly, the benefit would increase by 4% the following January after the 69th birthday. But you would not get retroactively compensated for the Jun-Dec payments received in the prior year that were theoretically too low. If that's correct, it would seem that if you decide to take benefits after FRA, but before 70, you should start benefits in January.
BTW, in anypia, if I put benefits to start on my 70th birthday month, I get the full increment up to that date. So, there's no bug -- it works exactly as described on the web page I linked above.
Statistics: Posted by SkylerBIS — Sun Feb 25, 2024 2:15 pm — Replies 3 — Views 179