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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Social Security
Satisfied Customers: 1561
Experience:  Over 20 years experience in tax preparation, including some multi-national Social Security applications.
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I am years 10 months old and will continue to work employer.

Customer Question

I am 69 years 10 months old and will continue to work for same employer.
In the online applications for benefits I see question: Select start date
I have options (six months before today up to my 70 years on February 22 2016).
I understand that after 70th birthday there is no advantage to start.
What should I select start date of social security benefits? From 2015 June, July so on or on March 2015.
Submitted: 1 year ago.
Category: Social Security
Expert:  Arthur Rubin replied 1 year ago.

Thank you, ***** ***** using Just Answer.

For each month before age 70 that you start benefits, your benefits are reduced by 2/3% of the base amount from the 132%. Whether you should claim early depends on how long you expect to live, and whether you need the money now. Assuming you were born in March 1946, your benefits, as a percentage of the base benefits, if started in:

June 2015 (probably impossible, because it would take a while to process) 125 1/3% of base benefits.

July 2015: 126%


October 2015: 128%


January 2016: 130%


April 2016: 132%

Customer: replied 1 year ago.
Just a comment. "My 70 years on February 22 2016" means I was born not in March but in February:-).
I do not need money now, I just assumed that if I continue work my benefits will be recalculated next year. Is it correct assumption?
From your numbers I understood that that if no recalculations allowed 86.5 years is a point where person can start get advantage in payments.
Expert:  Arthur Rubin replied 1 year ago.

I'm sorry about misunderstanding you, and not making myself clear.

Your base benefit is recalculated each year based on the best 35 years of income; the percentage (increase, in your case) is fixed when you elect to take the benefits.