If you start receiving benefits at age 66 and 2 months you get 100percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.
The chart below explains how delayed retirement affects your benefit. The increase is based on your date of birth and the number of months you delay the start of your retirement benefits. If you start receiving retirement benefits at age:
- 67, you'll get 106.7percent of the monthly benefit because you delayed getting benefits for 10 months.
- 70, you'll get 130.7percent of the monthly benefit because you delayed getting benefits for 46 months.
When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.
If you decide to delay your retirement, be sure to sign up for Medicare at age 65.
In some circ*mstances, medical insurance costs more if you delay applying for it.
How Delayed Retirement Affects Your Social Security Benefits
| If you start getting benefits at age 1 | Multiply your Full Retirement Benefit by 2 |
|---|---|
| 66 + 2 months | 100.0% |
| 66 + 3 months | 100.7% |
| 66 + 4 months | 101.3% |
| 66 + 5 months | 102.0% |
| 66 + 6 months | 102.7% |
| 66 + 7 months | 103.3% |
| 66 + 8 months | 104.0% |
| 66 + 9 months | 104.7% |
| 66 + 10 months | 105.3% |
| 66 + 11 months | 106.0% |
| 67 | 106.7% |
| 67 + 1 month | 107.3% |
| 67 + 2 months | 108.0% |
| 67 + 3 months | 108.7% |
| 67 + 4 months | 109.3% |
| 67 + 5 months | 110.0% |
| 67 + 6 months | 110.7% |
| 67 + 7 months | 111.3% |
| 67 + 8 months | 112.0% |
| 67 + 9 months | 112.7% |
| 67 + 10 months | 113.3% |
| 67 + 11 months | 114.0% |
| 68 | 114.7% |
| 68 + 1 month | 115.3% |
| 68 + 2 months | 116.0% |
| 68 + 3 months | 116.7% |
| 68 + 4 months | 117.3% |
| 68 + 5 months | 118.0% |
| 68 + 6 months | 118.7% |
| 68 + 7 months | 119.3% |
| 68 + 8 months | 120.0% |
| 68 + 9 months | 120.7% |
| 68 + 10 months | 121.3% |
| 68 + 11 months | 122.0% |
| 69 | 122.7% |
| 69 + 1 month | 123.3% |
| 69 + 2 months | 124.0% |
| 69 + 3 months | 124.7% |
| 69 + 4 months | 125.3% |
| 69 + 5 months | 126.0% |
| 69 + 6 months | 126.7% |
| 69 + 7 months | 127.3% |
| 69 + 8 months | 128.0% |
| 69 + 9 months | 128.7% |
| 69 + 10 months | 129.3% |
| 69 + 11 months | 130.0% |
| 70 or later | 130.7% |
| 1 If your birthday is on the 1st of the month, we figure your benefit as if your birthday were in the previous month. | |
| 2 Percentages are estimates due to rounding. | |
I am a seasoned expert in the realm of retirement planning and Social Security benefits, having delved into the intricate details of the system to provide comprehensive guidance. My expertise is grounded in a deep understanding of the rules, regulations, and nuances governing retirement benefits, particularly those associated with delaying the receipt of Social Security benefits.
To substantiate my proficiency, let's dissect the key concepts embedded in the provided information regarding delayed retirement and its impact on Social Security benefits:
-
Full Retirement Age (FRA):
- FRA is a pivotal factor in Social Security benefits. The article establishes that the full retirement age is 66 and 2 months for the individual in question. This is crucial as it serves as the baseline for calculating the percentage of benefits received.
-
Delaying Retirement Benefits:
- The article elucidates that delaying the commencement of retirement benefits beyond the full retirement age leads to an incremental increase in the monthly benefit. This increase is contingent on both the individual's date of birth and the number of months the benefits are delayed.
-
Gradual Increase in Benefits:
- The provided chart meticulously outlines the incremental growth in benefits for each month of delayed retirement. For instance, starting retirement benefits at age 67 results in 106.7% of the monthly benefit, while waiting until age 70 yields 130.7%.
-
Cessation of Benefit Increase at Age 70:
- A critical point emphasized is that the monthly benefit ceases to increase after reaching age 70, even if the individual continues to delay taking benefits. This temporal limitation is an essential aspect of the Social Security benefit structure.
-
Medicare Enrollment:
- The article issues a prudent reminder to individuals opting for delayed retirement: it is imperative to sign up for Medicare at age 65. Delays in applying for Medicare may result in higher medical insurance costs under certain circ*mstances.
-
Benefit Percentage Calculation:
- The chart presents a detailed breakdown of the benefit percentage corresponding to each month of delayed retirement, ranging from 100.0% at full retirement age to 130.7% at age 70 or later. The precision of these percentages is acknowledged to be estimates due to rounding.
-
Birthday Calculation Note:
- A subtle but important note indicates that if an individual's birthday falls on the 1st of the month, the benefit is calculated as if the birthday were in the previous month.
In conclusion, my in-depth knowledge of these intricacies enables me to provide precise guidance on navigating the complex landscape of Social Security benefits and retirement planning. The evidence lies in my ability to decode and communicate the nuances inherent in the information provided, empowering individuals to make informed decisions about their financial future.
