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How do I find out what my social security benefit would be…

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How do I find out what my social security benefit would be if I retired today, or if I waited until I turned 70?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

I am presently 69 with a birth date of 07/02/48; I'm just trying to find out the difference in my social security benefit if I started drawing it in November of 2017 or if I waited until I turned 70 in July of 2018.

Submitted: 10 months ago.Category: Social Security
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Answered in 8 minutes by:
10/3/2017
Social Security Expert: lev-tax, Tax Advisor replied 10 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,372
Experience: Taxes, Immigration, Labor Relations
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I am attaching you the worksheet to fill and use if you want to estimate your benefits.

EN-05-10070-1948

That is specifically for those born in 1948

That will give you the amount you woudl receive if you were started benefits at your FRA - which is 66.

When you delay benefits - the monthly benefit increases with delayed retirement credits (DRCs).

DRCs can be earned each month up to age 70 and can increase benefits by about 0.667 percent a month, or 8 percent a year.

So between November of 2017 and July of 2018 - there are 8 months - so the difference will be ~5.335 of your base amount.

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Social Security Expert: lev-tax, Tax Advisor replied 10 months ago

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If you still have any doubts, need clarification - please be sure to ask.
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