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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13544
Experience:  22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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I turned 66 Oct 21,2015. If I filed today to suspend would I

Customer Question

I turned 66 Oct 21,2015. If I filed today to suspend would I have to wait until Dec 2016 to get the 8% Or would I get the 8% increase next October 2016?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

Hi Frank, the noted 8% is per YEAR, a ball park figure. Rather, the increase is actually calculated per month. October 2016, if you waited that long, would give you 1 year of delayed retirement credits, that provides that 8% increaase should you take after the 12th month of delay... each month you delay means a fraction of a % increased, ergo 8% for each year (not 12%, as if it were a whole 1% per month). After 70, there is no gain to delaying. But delaying til 70 gives you a whopping 32% (estimated) raise...

Expert:  Stephanie O Joy, Esq replied 1 year ago.

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

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