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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16560
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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benefits sre supposed to increase by 8% for every year over

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benefits sre supposed to increase by 8% for every year over full retirement age tha beneficiary delays filing for benefits. However, bnefit estimator has mine increasing only about 4% for the first year over full retirement age. Is there an explanation.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

What benefit estimator are you looking at?

MyVirtualCPA :

Your benefit will increase 8% per year for each year you delay your retirement, until age 70

Customer:

Social Security website

MyVirtualCPA :

I am not sure why it's only showing 4%. Let me take a moment to find the estimator and see if there is an explanation. It could just be wrong

MyVirtualCPA :

I cannot look at what you are seeing, because I do not have access to your earnings record, but I can tell you that your benefits will increase by 8% per year.

MyVirtualCPA :

http://www.ssa.gov/retire2/delayret.htm

MyVirtualCPA :

there's a link to the social security website that indicates this

MyVirtualCPA :

The estimator is wrong, if it is only showing 4%

Customer:

Which is what I thought. My question is why am I getting different information from SS website estimator

MyVirtualCPA :

It must be a glitch, or programmed wrong

MyVirtualCPA :

The estimator is not a guarantee of benefits, You would have to call social security to get a true estimate of what you will be getting at a certain age.

Customer:

How do I get hold of a real person at SS who can provide correct info in answer to my question?

MyVirtualCPA :

You can call 1-800-772-1213

MyVirtualCPA :

or visit your local office

MyVirtualCPA :

Is there anything else I can assist you with today?

Customer:

Ok, thanks, XXXXX XXXXX I will try that number.

MyVirtualCPA :

If you would, please rate my response "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

It was a pleasure working with you

Customer:

ok

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