I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.
How are you this morning?
The answer to your first question is that you should apply roughly 60 days before you want benefits to begin.
The answer to your second question is a little bit more complex. When you continue working, your benefit will only increase if that year is one of your top 30 years of working. Even then, the increase of your benefits is small - you won't get 8% per year or anything close to that
There are annual COLA increases that fluctuate but are typically 1-2%
But, social security bases your benefit on the highest 30 years of your earnings. This is beneficial for those who earned a lot during their career but work small jobs during retirement.
I'm not saying it's fair that there isn't a larger increase in annual benefit, I just have to tell you how the system is set up.
That helps a lot. For me the big decision is about how much of a bump I can reasonably expect. I'm trying to decide whether to defer my benefits till 70, or take them this year while still working. My salary will continue as near the highest I've made over the past 30-yrs. Could it be as much as 2% on this basis?
Honestly, it won't be much. You're looking at maybe $25-$50 per month
Your best bet if you want the biggest benefit possible is to defer
But keep in mind, if you do defer it will take you several years to break even, so if you are in poor health you may be better off financially if you just take the benefit at full retirement age.
Hmmm - pretty discouraging; but I appreciate having at least some numbers to work with. I'm going to have to really think about this. Thank you very much.
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