Delaying Social Security to 70 - monthly increase calculator to decide optimal filing month?

The SSA's online calculators don't show month-by-month increases, but the math is straightforward. After FRA, you earn Delayed Retirement Credits of 2/3 of 1% per month, which equals 8% per year. So if your age 67 (FRA) benefit is $3,000, each month you delay gives you about $20 more per month for life. The Social Security website has a Retirement Estimator that gives you amounts at different ages, but for month-by-month, you can just calculate it yourself using that 2/3 of 1% rule. Just take your FRA benefit and add the appropriate percentage based on how many months you've delayed.

I was in your EXACT situation last year!!! My mom lived to 97 so I was dead set on waiting til 70. Then I did the break even calculatons and realized I'd have to live to almost 83 just to break even on the money I was giving up by not claiming at 67!! I ended up filing at 68 and 4 months cause that felt right for me. But honestly now I wish I had just started at 67. That's 16 months of benefits (about $42,000 total) that I'll never see again! Dont overthink it like I did. The peace of mind from having that SS money coming in is worth something too.

There's actually a great calculator at OpenSocialSecurity.com that helps optimize when to file. It's free and lets you enter your PIA (Primary Insurance Amount) to find your optimal claiming strategy. One thing to consider: while the monthly increase is important, you should also look at the bigger picture. Each year you delay filing after FRA increases your benefit by 8%, which is a guaranteed return you can't find anywhere else. But you also need to consider how many months of foregone benefits you're giving up. There's actually a mathematical "break-even point" where the higher monthly benefit from delaying begins to outweigh the total benefits you would have received by filing earlier. For most people, this break-even point is around age 80-82. Given your family longevity, delaying might still be your best option.

have you tryed calling SSA and asking them? they should be able to tell you the exact amounts for each month

I'm a financial planner who specializes in retirement income strategies, and I see this question frequently. While the 8% per year (or 2/3% per month) delayed retirement credit is valuable, it's important to understand that this is only one factor in a complex decision. Consider: 1. Your current cash flow needs 2. Tax implications (especially RMDs from your IRA at age 72) 3. Survivor benefits if you're married 4. Health status and family longevity 5. Other income sources One approach I've seen work well: If you're financially secure without SS, but concerned about "leaving money on the table," consider filing at 69 instead of 70. You'll still get 16% more than your FRA amount (vs. 24% at age 70), but reduce your foregone benefits by a year.

my dad waited til 70 and passed away at 72... all that waiting for nothing...

Dont forget that once you file for SS you get medicare too. thats important!

Is anyone else annoyed that the SS website doesn't make this easier????! They have millions of dollars for their website but can't add a simple calculator that shows month by month increases??? It's like they WANT to make things confusing for us!

One more thing to consider: If you start your benefits now instead of waiting until 70, you'll receive approximately 36 months of payments (assuming you're around 67 now) that you'd otherwise miss out on. That's a significant amount of money that could be invested or used to enhance your quality of life now. With your family longevity, you'll likely surpass the break-even point. But remember that money received earlier has more utility value and investment potential than the same amount received later. The optimal strategy often lies somewhere in between the extremes. Perhaps starting at 68 or 69 gives you a reasonable compromise between maximizing your monthly benefit and not leaving too much money on the table.