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Thread: Social Security for Dummy?
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Old 06-29-2014, 11:45 AM
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Originally Posted by ValerieJo View Post
I'm just starting to look into possibly collecting my SS in a few years and just starting the research.

So far, I know how much I'll collect at 62 and how much at 66 and 70. My question is: Will the amount increase from the 62 rate if I wait until 63 and increase again waiting until 64, etc? Is the amount fixed from age 62 until 66?

I have a financial planner, but forgot to ask this question the last time we met.

Thanks for your input.
SS retirement benefits prior to FRA (full retirement age) are reduced by the number of months involved. So if you start your benefits at age 62 + 1 month your benefit will be higher than at age 62. The reduction factor is 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each additional month. Hope this info helps and doesn't confuse you more.