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Delayed Retirement Credits Explained

Christy Bieber explains delayed retirement benefit credits in depth.  In a nutshell, one of the most straightforward ways to earn delayed retirement credits is to file for benefits after reaching your government-designated full retirement age (FRA).  This is between 66 and 67 depending on birth year.  When you earn delayed retirement credits, you trade months or years of missed income for higher monthly benefits later.  You can earn 8% annually by delaying until age 70.  But, the calculation gets more complicated if you’re thinking about retiring before your FRA.  Claiming Social Security early results in a reduction in the size of your monthly benefit of about 6.7% per year for the three years closest to your FRA and by an additional 5% for each prior year.  Read Bieber’s full piece here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.



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