anethum
Full time employment: Posting here.
- Joined
- May 26, 2012
- Messages
- 856
I was born in 1954, so my Social Security FRA is exactly 66 years old. When I use the SSA calculator entering $0 for last year's earnings, it shows my FRA benefits amount at 66, and the amount if I delay until 70, which is 132% of the FRA amount, as expected. However, when I use the calculator for estimates for starting benefits at 67, 68, & 69, always entering $0 for future earnings, the benefit estimate for 67 is not 108% of my FRA amount. Rather, it is 104.6%. Age 68 is 112.6% of FRA, and age 69 is 120.6%. It jumps 8% of FRA from 67 to 68 and from 68 to 69, but not from 66 to 67. However, the SSA website clearly states if I delay beyond FRA age, the benefit amount increases 2/3 of 1% for each month between 66 and 70.
If I use the calculator on the following page, it shows 108% of FRA if I begin to collect benefits the month I turn 67. (This calculator doesn't give $ amounts, only percentages based on dates you enter).
https://www.ssa.gov/oact/quickcalc/early_late.html
Is there something I'm missing, or does the $ benefits calculator have a bug?
If I use the calculator on the following page, it shows 108% of FRA if I begin to collect benefits the month I turn 67. (This calculator doesn't give $ amounts, only percentages based on dates you enter).
https://www.ssa.gov/oact/quickcalc/early_late.html
Is there something I'm missing, or does the $ benefits calculator have a bug?