Max SS???

[Rustic23]

I was at a neighborhood social this evening, and one of the more senior members (73) said that when his wife turned 65 he was 66 and they went down to file SS. SS ask him why he was not taking it. He stated he did not intend to take it until 70 in order to receive a bigger check. They told him he was 'maxed out' and would not get any more by waiting. So they backed dated his SS to 65, filed it, and his first check was for $11,000.

I know there is a family max, but I was surprised that someone that could max out their SS at 65/66 and not receive the bump for taking it later.

 

[REWahoo]

Rustic, I think your neighbor got a bum SS rep who gave him some bad info.

 

[Rustic23]

I agree. At 73 it does not make that much difference now. I have never heard of such. I was hoping that someone here might be the SS expert.

 

[REWahoo]

It's possible the current "your benefits continue to grow until age 70" rule wasn't around seven years ago, but I don't think that's the case. We've been talking about it here for about that many years.

 

[teejayevans]

It's possible the current "your benefits continue to grow until age 70" rule wasn't around seven years ago, but I don't think that's the case. We've been talking about it here for about that many years.

from investopedia:

Benefits
The amount of your Social Security benefit is calculated by averaging the earnings from your 35 highest income-generating years. The maximum monthly Social Security check that you can earn is $2,053 per month in 2006.

TJ

 

[Rustic23]

I think I found the answer. Wahoo, it says that 'The credit given for delayed retirement will gradually reach 8 percent per year for those born after 1942.' It is talking about retirement after the 'normal age'. It does not give a reference, so my gues is the 8% up to 70 kicker does not apply. Party in question was born in 1937.




Social Security Benefit Amounts

 

[Rustic23]

However,
Early or delayed retirement
from the same people, indicates they do get a kicker

 

[REWahoo]

However,
Early or delayed retirement
from the same people, indicates they do get a kicker

Yep, according to this SS chart the kicker is a little less (6.5%) but a kicker nevertheless. I go back to my original statement...