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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11823
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Does the monthly SS benefit amount change on a month by month

Customer Question

Does the monthly SS benefit amount change on a month by month depending on when you start taking benefits ?
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi,

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Yes, it does.

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The reduction is applied on a monthly basis to the PIA (Primary Insurance Amount ... the benefit that would be received if waiting until full retirement age(FRA).

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Your FRA is based on when you were born. For those born between 1943 and 1954, for example is age 66.

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The percentage reduction applied to primary insurance amount is 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each additional month for benefits taken before Full Retirement Age.

Expert:  Lane replied 1 year ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”)

I receive no crediting at all unless you rate in this way.

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Thank you!

Lane

I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986

Expert:  Lane replied 1 year ago.

Hi - Did you see my answer?

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The short answer is YES ... adn you can read the answer from yesterdsy, if you'd like to know the calculation

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Let me know if you need more here ... ad if not, I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

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JustAnswer will not credit me for the time and work unless you rate me positively

Expert:  Lane replied 1 year ago.

Hi,

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I’m just checking back in to see how things are going

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Did my answer help?

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Let me know…

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Thanks,

Lane

Expert:  Lane replied 1 year ago.

Hi,

...

I’m just checking back in to see how things are going

...

Did my answer help?

...

Let me know…

...

Thanks,

Lane