Do SS benefits increase monthly before full retirement age?

[Luvdogs]

My DH was ready to sign up as he is retiring at the end of the year.
He is 65 and will turn 66 in March.
He plans on taking benefits effective January (two months before he turns 66).

According to the SS site where he is logged in, it says at his current age --65 he will get $150 less than at full retirement age.

I'm wondering if they just don't update the actual months online--or do benefits not accrue monthly like they do after full retirement age?

That's a big difference for just two months.
Anyone have any info on this?

Thanks!

 

[Al18]

Here's a link to the benefit chart from Social Security https://www.ssa.gov/planners/retire/1960.html

 

[ivinsfan]

Luvdogs if you don't have anything to do between now and Thanksgiving, start googling our threads about SS and when to start taking the money...Be sure you have food and water next to your computer...

 

[jazz4cash]

I'll say yes they do go up monthly according to the chart in this link which is the one I think applies in your situation. 2 months will change the payment by approx. 1%:
https://www.ssa.gov/planners/retire/1943.html

 

[Lancelot]

I'll say yes they do go up monthly according to the chart in this link which is the one I think applies in your situation. 2 months will change the payment by approx. 1%:
https://www.ssa.gov/planners/retire/1943.html

Yes the three years before FRA benefits increase by 5/9 or.5555% per month. .5555 x 12 = 6.67% per year. They are not compounded, so its 100% minus the year and/or month before FRA. Confused yet?

I reckon the OP would receive 93.3% + 4.9% = 98.2% of his FRA benefit. Possibly .555% higher if he gets credit for the full month of January.

To the OP, the maximum benefit for 2018 is $2,687, so .982 x 2687 = $2,638, a difference of about $48 per month. 48 x 3 would be the reduction you stated.

 

[Lancelot]

Yes the three years before FRA benefits increase by 5/9 or.5555% per month. .5555 x 12 = 6.67% per year. They are not compounded, so its 100% minus the year and/or month before FRA. Confused yet?

I reckon the OP would receive 93.3% + 4.9% = 98.2% of his FRA benefit. Possibly .555% higher if he gets credit for the full month of January.

To the OP, the maximum benefit for 2018 is $2,687, so .982 x 2687 = $2,638, a difference of about $48 per month. 48 x 3 would be the reduction you stated.

I goofed. The $48 difference would be for three months, so the monthly reduction would be about $16. Hope this helps.