I am 63 yrs old, stopped working in March 09. Have not collected SS yet.
Are there any formulas out there that can give me an idea how benefits change month to month. I have an esimate from the IRS at 62 & 66, but it is based on the fact that I will work up to age 66. I would like to start SS at 64yrs and 6 months. I can't get a real handle on it. I couldn't find anything on the SS.gov site that helped.
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Your primary insurance amount (PIA) which would begin at your normal retirement age of 66 is reduced by 5/9 of 1% for each of the first 36 months that you are under the normal retirement age (by 5/12 of 1% for each such month in excess of 36, which doesn't apply to your assumption). You should be able to easily figure it out from there.
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