How to find Social Security delayed retirement credit chart and COLA timing when filing after FRA?

The delayed retirement credit chart is actually on the SSA website under "Retirement Benefits" and then "Delayed Retirement." It shows that for anyone born in 1943 or later, the increase is 8% per year or 2/3 of 1% per month that you delay beyond FRA up to age 70. And yes, you DO get the benefit of all COLAs that occur between your FRA and when you actually start collecting. The SSA applies COLAs to your benefit amount even if you haven't started collecting yet. So if your wife waits until March 2026, her benefit will include the January 2026 COLA plus all previous COLAs since her FRA.

My brother waited til 70 and got the full 24% increase from age 67. totally worth it if you can afford to wait!!! Just make sure you have other income to live on until then

I struggled with this exact issue last year! I couldn't find clear info about the COLA timing either. I kept getting disconnected whenever I called the SSA's main number - so frustrating! I finally used this service called Claimyr (claimyr.com) that got me connected to an actual SSA agent in about 20 minutes instead of spending hours on hold. The agent confirmed that any COLA increases that happen while you're delaying are automatically added to your benefit when you start collecting. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU - saved me SO much time!

dont forget that if you delay benefits til 70 you have to live long enough to break even! my cousin waited til 70 and then only collected for 2 years before he passed away. would have been better off taking at 62 in his case. nobody can predict how long well live

BE CAREFUL with this decision!!! The SSA reps often give WRONG information about delayed credits. I delayed to 68.5 and they calculated my benefits INCORRECTLY at first. I had to fight for 3 months to get the correct amount! Make sure you keep track of the exact calculation yourself and verify every penny when you file. Also the COLA is supposed to be added but I've seen them mess that up too. The system is BROKEN!!!

can u still work while waiting til 70? my wife turns 67 next month but wants to keep her part time job

For the exact delayed retirement credit information, go to: https://www.ssa.gov/benefits/retirement/planner/delayret.html The formula is straightforward: 2/3 of 1% per month, which equals 8% per year if you delay the entire year. For example: - If FRA is 67 and you start at 68: 8% increase - If FRA is 67 and you start at 69: 16% increase - If FRA is 67 and you start at 70: 24% increase Regarding COLAs: The SSA applies them to your benefit calculation even before you start collecting. Your Primary Insurance Amount (PIA) gets adjusted for each COLA that occurs after you reach 62, regardless of when you actually claim benefits. This is a major advantage of delaying that people often overlook: you get the delayed credits PLUS all the COLAs compounded on your higher base amount.

Thanks everyone for the helpful information! I found the chart on the SSA website using the link provided. We've decided that my wife will probably delay until 70 since we can afford to wait, and now I understand that she'll benefit from all the COLAs along the way too. I'm definitely going to double-check their calculations when the time comes, based on what some of you have experienced with errors. I've bookmarked that Claimyr service too in case we run into trouble reaching someone at SSA. Appreciate all your advice!

Just wanted to add something that might help with your decision - you should also consider Medicare timing if your wife is planning to delay Social Security. Even though she can delay SS benefits until 70, she still needs to enroll in Medicare Part A at 65 (it's free) and consider Part B enrollment at 65 unless she has qualifying employer coverage. The Medicare enrollment rules are separate from Social Security benefit timing, and there can be penalties for late enrollment if you don't have other qualifying coverage. This is something a lot of people overlook when planning their retirement benefit strategy. You can contact Medicare directly or check with your current insurance provider about how delaying Social Security might affect your Medicare decisions.

One thing I'd add to this excellent discussion is about the "do-over" option that many people don't know about. If your wife starts collecting at 67 and then within the first 12 months decides she wants to delay after all, she can withdraw her application, pay back all the benefits she received (without interest), and then restart at a later age with the delayed credits. This might give you some peace of mind - you can start collecting and see how it feels financially, and if you realize you can afford to wait, you have that 12-month window to change course. After 12 months though, this option is no longer available, so you'd be locked into whatever decision you made. Also, don't forget to factor in taxes when doing your calculations. Social Security benefits can be taxable depending on your other retirement income, so the "net" benefit of delaying might be different than the gross benefit increase.

I'm glad I found this thread! My husband and I are facing a similar decision and all of this information is incredibly helpful. One additional resource I wanted to mention is the SSA's online benefit calculators - they have a "Retirement Estimator" tool that can help you see projected benefits at different claiming ages, including the delayed retirement credits. What really surprised me from reading everyone's experiences is how common calculation errors seem to be at SSA. That's definitely making me think we should keep very detailed records of our own calculations and maybe even consult with a fee-only financial advisor who specializes in Social Security optimization before making the final decision. The Medicare timing point is also crucial - we learned the hard way that just because you delay Social Security doesn't mean you can ignore Medicare deadlines. My sister got hit with late enrollment penalties because she thought everything was connected. Thanks to everyone for sharing their real-world experiences along with the technical details. This is exactly the kind of practical advice you can't get from the official SSA publications!

I've been lurking here for a while as my wife and I navigate similar decisions, and this thread has been incredibly educational! One thing I wanted to add that I learned from our financial advisor is about the "file and suspend" strategy that used to exist - it's no longer available as of 2016, but some older online articles still mention it, which can be confusing. Also, for those worried about SSA calculation errors, I found it helpful to create a simple spreadsheet tracking my wife's earnings history (you can get this from your annual Social Security statement at ssa.gov/myaccount). This way, when we do file, we'll have our own record to compare against their calculations. One more tip: if you're married, don't forget to consider spousal benefits in your strategy. Even though you're focusing on maximizing your wife's benefit since yours will be smaller, there might be timing strategies around spousal benefits that could help optimize your combined Social Security income. The rules are complex, but it's worth understanding all your options before making the final decision. Thanks again to everyone who shared their experiences - especially the warnings about double-checking calculations and the Medicare timing reminders!