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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4307
Experience:  35 years tax and professional advice in all matters money
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I read somewhere about receiving a 32% bonus at age 70 from

Customer Question

I read somewhere about receiving a 32% bonus at age 70 from Social Security. I am 70 and will soon turn 71.
Thank you so much for your time.
Kathy XXXXXXXX
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and can clarify what you heard. It's not what you think.

The 32% amount was the key for me. If you claim your benefit at age 62, it is approximately 71% of your full retirement age (FRA) benefit. If your FRA benefit would have been $1,000, your benefit at age 62 would be approximately $710.

Expert:  PDtax replied 1 year ago.

If you wait to claim past age 66 (FRA), your benefit grows by 8% per year until you reach age 70. That's the 32% that I believe you heard about. Using the same example, your benefit at age 70 would be $1,320 per month.

There is no bonus for current recipients, only an example of how deferring your benefit claim can add to your monthly payment. Sorry I don't have a better outcome to report.

Expert:  PDtax replied 1 year ago.

Thanks for asking at Just Answer. Positive feedback is appreciated. Please rate my assistance using the rating scale found on your screen. I'm PDtax.