• Question
  • EARLY BENIFIT LOCKED IN BEFORE FULL RETIREMENT AGE ?

    Asked by someone from Frankfort, KY on 6/24/2019

    If I begin receiving social security benefits at age 65 am I locked in at that amount or when I'm 66 does it increase ?

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  • You are locked into your Social Security benefit at the age in which you file. The only increase will be a cost of living increase. In 2019, the average cost of living increase was $39 per month. If you choose to delay taking your benefit past your full retirement age, your benefit will increase at about 8% each year you delay until you reach 70.

  • Login to rate this answer:   Answered on 7/8/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.