Ask Terry Questions Monthly increase in SS

Monthly increase in SS

By Terry Savage on May 14, 2017 | Financial Planning / Retirement

Will my monthly social security continue to increase if I defer but do not work past age 63 ?

Terry Says

Yes, every year you defer taking your Social Security benefits, the basic check increases roughly 8 percent! That's the argument for waiting. At age 70, though -- if you can wait that long -- there are no more increases in your base check. If you were still working your additional earnings might make an impact, though small, on your check.



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