Jan
15
2011
By Guest (not verified)
Does the monthly benefit amount increase if you file at 62.5 rather than 62
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Not affiliated with the US Social Security Administration
Does the monthly benefit amount increase if you file at 62.5 rather than 62
Not affiliated with the US Social Security Administration
Monthly increase in benefit if you delay retirement benefits
Yes. In fact, your monthly benefit will be slightly higher for each month you delay initial receipt of retirement benefits.
In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent. This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent.
http://www.ssa.gov/OACT/quickcalc/early_late.html