How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
23669918
Type Your Social Security Question Here...
Megan C is online now
A new question is answered every 9 seconds

Currently I qualify for $1321 per month if I retire at 62 next

This answer was rated:

Currently I qualify for $1321 per month if I retire at 62 next year. I've been a high earner for the past decade. If I retire from working -but DO NOT start collecting SS - does that $1321 stop increasing -or does it still continue to increase annually? In other words -do I gain anything by waiting to collect SS? Or is it stuck at $1321 a month with only COL annual increases. I talked directly to the SS office today and could not get a straight answer fro the gal. She did not clearly address my question. I'll restate it: If I'm under the impression that each year after 62 my untouched SS benefits are increasing while I am enjoying not working and living off savings -then I'll wait to collect. If not-then there is no point in WAITING to collect SS. I hope that is pretty clear. Susan

Megan C :

Hello Susan, welcome. My name is XXXXX XXXXX I would be happy to assist you today

Megan C :

Your benefit continues to increase year after year until you reach age 70.

Megan C :

This is independent of any COLA adjustments.

Megan C :

So, there is an incentive to not draw your benefit

Megan C :

Your benefits increase every month you delay until you reach the age of 70. That is when your benefits stop increasing

Megan C :

Your benefits are reduced by 5/9 of 1% for each month you draw before age 66

Megan C :

Then, once you reach age 66 they grow 8% per year and reach their maximum at age 70

Megan C :

I'm sorry that social security did not inform you of all this.

Megan C :

Please let me know if I can help you any further.

Megan C :

Then, once you reach age 66 they grow 8% per year and reach their maximum at age 70

Megan C :

I'm sorry that social security did not inform you of all this.

Megan C :

Please take a moment to rate me positive if I have been helpful, as this is how I receive credit for assisting you today

Megan C and other Social Security Specialists are ready to help you

Megan C :

Hello Susan, welcome. My name is XXXXX XXXXX I would be happy to assist you today

Megan C :

Your benefit continues to increase year after year until you reach age 70.

Megan C :

This is independent of any COLA adjustments.

Megan C :

So, there is an incentive to not draw your benefit

Megan C :

Your benefits increase every month you delay until you reach the age of 70. That is when your benefits stop increasing

Megan C :

Your benefits are reduced by 5/9 of 1% for each month you draw before age 66

Megan C :

Then, once you reach age 66 they grow 8% per year and reach their maximum at age 70

Megan C :

I'm sorry that social security did not inform you of all this.

Megan C :

Please let me know if I can help you any further.

Megan C :

Then, once you reach age 66 they grow 8% per year and reach their maximum at age 70

Megan C :

I'm sorry that social security did not inform you of all this.

Megan C :

Please take a moment to rate me positive if I have been helpful, as this is how I receive credit for assisting you today