James48843
Well-known member
Question:
I recently turned 62. I was NOT planning on taking Social Security right away, because I figured I can increase the amount of the payout by $13 for EACH MONTH I DELAY. I really don't need the money at this exact moment in time. I was planning on waitin guntil I was about 65 or 66 before starting to collect.
HOWEVER- I know the payout amount is based on the amount I paid in over the years . Now that I am no longer working for the feds, I'm just making like $5 grand a year doing a radio show at a local radio station. So working more years isn't going to necessarily add to the value of my SS payment.
But now I am hearing that January's Social Security raise is going to be significant.
QUESTION: If I claim Social Security now, I think I will get a 9% or so Social Security increase in January. But if a DON'T claim anything now, I would not get any benefit by waiting. If I claim next summer instead, I still will be paid based on the amount I paid in over the years.
AM I missing anything? Would it make more sense to claim now so that I can capture that January increase? Anybody here work for Social Security and know if it is worth claiming now so that I can get the January increase, instead of waiting a couple of years?
example: If I claimed SS now, I'd get about $2000 per month.
If I wait, that amount increases by $13 each month. 12 months the payout would be $2156 a month.
But if I claim NOW, and receive the January 9% increase, I would be collecting $2180 a month starting in January.
Am I missing something? AM I looking at this correctly?
Thanks in advance for comments.
I recently turned 62. I was NOT planning on taking Social Security right away, because I figured I can increase the amount of the payout by $13 for EACH MONTH I DELAY. I really don't need the money at this exact moment in time. I was planning on waitin guntil I was about 65 or 66 before starting to collect.
HOWEVER- I know the payout amount is based on the amount I paid in over the years . Now that I am no longer working for the feds, I'm just making like $5 grand a year doing a radio show at a local radio station. So working more years isn't going to necessarily add to the value of my SS payment.
But now I am hearing that January's Social Security raise is going to be significant.
QUESTION: If I claim Social Security now, I think I will get a 9% or so Social Security increase in January. But if a DON'T claim anything now, I would not get any benefit by waiting. If I claim next summer instead, I still will be paid based on the amount I paid in over the years.
AM I missing anything? Would it make more sense to claim now so that I can capture that January increase? Anybody here work for Social Security and know if it is worth claiming now so that I can get the January increase, instead of waiting a couple of years?
example: If I claimed SS now, I'd get about $2000 per month.
If I wait, that amount increases by $13 each month. 12 months the payout would be $2156 a month.
But if I claim NOW, and receive the January 9% increase, I would be collecting $2180 a month starting in January.
Am I missing something? AM I looking at this correctly?
Thanks in advance for comments.
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