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LawTalk, Attorney
Category: Social Security
Satisfied Customers: 37854
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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If I retire at my full retirement age of 66 in mid-November

Customer Question

If I retire at my full retirement age of 66 in mid-November 2016, will my Social Security benefit increase if I wait two months until mid-January 2017 to apply for benefits?
Submitted: 2 years ago.
Category: Social Security
Expert:  LawTalk replied 2 years ago.

Good evening,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

Yes, if you wait 2 month after reaching full retirement age, your social security benefit will increase for a couple of reasons.

1. First, your retirement benefit increased a full 2/3% for each month you delay retirement after full retirement age all the way to age 70.

2. By retiring in January, you will get the benefit of the next cost of living increase---which has been running about 1 to 2% per year.

So yes, there is always a benefit to waiting a few months after your full retirement age to claim your retirement benefit, and even greater benefit to waiting more than a few months.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you. Thank you in advance.

I wish you and yours the best in 2015,