• Question
  • deferring social security retirement payments

    Asked by someone from Philadelphia, PA on 7/8/2019

    I understand that my monthly Social Security payment increases by a certain percentage if I defer past my full retirement age up to the age of 70, but do my monthly payments increase if I defer to from 62 to my full retirement age?

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Answers

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  • Your full retirement age determines receipt of your full Social Security benefit. When you delay taking your benefit, your monthly pay out increases until the age of 70. In exchange for waiting and taking less payments, Social Security is giving your a bigger amount each month. Similarly, if you file before your full retirement age, your benefit will be reduced. The longer you wait to file after 62, the closer you will be to receiving your full benefit.

  • 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.