See
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Although baby boomers are supposed to get 8% credit for each year up to age 70, the last year is is only 100 * 8 / 124 = 6.45%.
-- Ron
- posted
16 years ago
Social Security retirement delay credit not compounded
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- Vote on answer
- posted
16 years ago
You are possibly confusing the *benefit* associated with delayed retirement with the *penalty* associated with early retirement.
- Vote on answer
- posted
16 years ago
Using
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Iget this result:
Someone born Jan 2, 1946 starts benefits, receives percentage as follows:
Jan 2012 = 100% Age 66 Jan 2013 = 108% Age 67 Jan 2014 = 116% Age 68 Jan 2015 = 124% Age 69 Jan 2016 = 132% Age 70 Feb 2016 = 132% Still age 70
The calculator says "You choose to receive benefits 50 months after you reach your normal retirement age. However, because delayed retirement credits do not apply after age 70, your benefit will be increased only for 48 months of delayed retirement. Your benefit will be 132 percent of your primary insurance amount.".