Does Social Security payment amount increase monthly or only in January with COLA?
I'm turning 65 in August and trying to decide exactly when to start claiming my Social Security retirement benefits. When I use the SSA benefit calculator online, it seems like the benefit amount only changes once per year (in January). Does that mean there's no financial advantage to waiting until, say, June versus January of the same year? Or does the monthly amount actually increase slightly each month I delay? I'm trying to maximize my benefit but also need to start drawing sometime in the next 9-12 months. Any insights from those who've already gone through this process would be really helpful!
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Jamal Wilson
it doesn't go up monthly. only yearly. thats why most ppl wait till december to file so they get the full-year increase in january. i started mine last yr.
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Zoe Papanikolaou
•Thanks for the quick response! So if I understand correctly, if I file in January 2026 or November 2026, I'd get exactly the same monthly amount? That seems odd since we always hear about how benefits increase for each month you delay...
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Mei Lin
The previous comment isn't entirely accurate. There are two different increases to be aware of: 1. COLA (Cost of Living Adjustment) - This happens once per year in January for EVERYONE receiving Social Security benefits. 2. Delayed Retirement Credits - These accrue at a rate of 2/3 of 1% per month (8% per year) between your Full Retirement Age (FRA) and age 70. These ARE calculated monthly. So yes, there IS a financial advantage to waiting additional months, but only if you're between your FRA and age 70. If you're claiming before your FRA, the reduction is also calculated monthly. The SSA calculator may only be showing the January changes because it's including projected COLA increases rather than the monthly accrual of delayed retirement credits.
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Liam Fitzgerald
•FINALLY someone who understands how SS really works!! I waited 8 months past my FRA and got a slightly higher amount than my friend who started right at FRA. The SSA agent explained the exact same thing about the monthly credits.
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GalacticGuru
I'm so confused by this! Ive read somewhere that benefits are calculated based on your exact age in years AND MONTHS when you file. Is that wrong? My FRA is 67 but I'm planning to file at 66 and 4 months because I need the money. Will I get the same as if I filed at exactly 66?
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Mei Lin
•No, you won't get the same amount. The reduction for filing early is approximately 5/9 of 1% for each month before your FRA (up to 36 months) and 5/12 of 1% for additional months beyond that. So filing at 66 and 4 months versus exactly 66 will result in a different benefit amount - specifically, it would be about 3.7% higher filing at 66 and 4 months compared to exactly 66.
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Amara Nnamani
I think your all making this way more complicated than it needs to be lol. The SSA website has a chart that shows exactly what percentage you get based on when you file. Just look that up and do the math based on your PIA!
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Zoe Papanikolaou
•Thanks for the suggestion. I've seen those charts but they usually show the percentages at full year or half-year intervals. I'm trying to understand if there's a specific formula for the months in between those points.
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Giovanni Mancini
I have been on SS for 3 years now and I can tell you dealing with SSA is a NIGHTMARE. I tried calling for weeks to ask questions like this before I filed and never got through. Busy signals, disconnects, hold times of 2+ hours only to get cut off. The offices were all closed too back then. Finally I found a service called Claimyr that got me connected to a real SSA agent in about 20 minutes. They have a demo video at https://youtu.be/Z-BRbJw3puU that shows how it works. I was skeptical but it actually worked and I got all my questions answered directly from SSA. Totally worth it compared to wasting days trying to get through.
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Amara Nnamani
•Does this actually work? Their website claimyr.com says they can get you through to SSA? Might try this because I've been trying to get an answer about my widows benefits for 3 weeks!
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Fatima Al-Suwaidi
Let me clarify how the benefit calculation works with precise details: 1. Your Primary Insurance Amount (PIA) is calculated based on your earnings history 2. If you claim before Full Retirement Age (FRA): - Benefits are reduced by 5/9 of 1% per month for the first 36 months before FRA (maximum 20% reduction) - Additional months beyond 36 are reduced by 5/12 of 1% per month 3. If you claim after FRA: - Benefits increase by 2/3 of 1% per month (8% per year) until age 70 - This is calculated MONTHLY, not annually 4. COLA increases occur each January for everyone So yes, there is definitely a financial advantage to waiting additional months, even within a calendar year. The benefit calculator may not be showing the monthly changes clearly, but they do occur. For example, if your PIA is $2,500 and your FRA is 67, waiting until 67 and 6 months would give you an extra 4% (6 × 2/3%), which is $100 more per month for life versus claiming exactly at 67.
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Zoe Papanikolaou
•Thank you for this detailed explanation! This is exactly what I was trying to understand. So even though the calculator shows the same amount for January through December, in reality my benefit would increase slightly each month I delay past my FRA. Very helpful.
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GalacticGuru
Has anyone noticed that the online calculators are sometimes off? When I finally got my actual benefit amount, it was about $75 less than what the calculator estimated. Just something to keep in mind...
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Liam Fitzgerald
This thread is giving me anxiety. I'm turning 62 next month and STILL don't know when to file!!! Everyone has a different opinion and the SSA website is so confusing! I need the money but don't want to make a mistake I'll regret for the rest of my life!!!!!
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Mei Lin
•Take a deep breath - this is an important decision but not one to panic about. The best approach is to calculate your break-even point (usually around age 80). If you think you'll live beyond that age, generally waiting gives you more lifetime benefits. If you need the money now or have health concerns, filing earlier might make sense. Consider consulting with a financial advisor who specializes in retirement planning.
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