Is there a difference?

@ps6004 

These are questions best answered by someone who works for Social Security.

Do you have an online Social Security account? Do you receive your annual statement that gives you an idea of how much your increase could be? 

The United States Social Security Administration Why don't you visit or call your states SS offices?

State Social Security offices in the United States.

ps6004, it appears you are trying to determine the optimal claiming age for SS Benefits. It is more complex than just trying to obtain the highest monthly amount. FYI, your SS Benefit is developed at your Full Retirement Age (FRA) or age 67. That amount is actuarially reduced if one elects to start benefits before FRA because they will be receiving benefits over a longer period of time. The amount at FRA is actuarially increased (approximately .006666667/month or .08/year) because one will be receiving benefits over a shorter period of time. The SSA informs us that starting SS Benefits Early, at FRA, or Delayed are actuarial equivalents based on average life expectancy (gender neutral ages 83 to 84) and an approximate Discount Rate of 3%. In mathematics, it is called the time value of money.

In every specific case, the key variable is life expectancy or the time factor. How long will one live? Will one live less than the above average, the average, or more than the average? The other variable is one's Discount Rate. This is the rate than you earn on your assets. For example, it could be 0% for folks that have all their money in a non-interest checking account or the "proverbial mattress". It could be in the 3% to 4% range for folks that have their money in CDs and/or Treasuries. It could a greater percentage, perhaps 7%, for folks who have their money in a S&P500 Fund or other equity investments. It could be an average of all their investments.

If someone delays SS Benefits, such as you have, you need to account for the months that you elected zero or no benefits. Another approach is simply account for losing 100% of your SS Benefit for each year you delay. At a greater monthly amount (8% greater/year), it will take you 12.5 years to reach equivalency at a 0% Discount rate. If you use the same Discount Rate that the SS program uses or 3%, it will take you 13 to 14 years to reach equivalency based on average life expectancy. In effect, there is no difference when you claim your SS Benefits. For many folks, this mathematical concept called the time value of money is difficult to understand. Most folks focus on only one variable; namely, their monthly amount.

To help you and other readers understand the optimal claiming age for SS Benefits, I will try to copy and paste a link to a SS Bulletin from the SSA website that will provide more mathematical information https://www.ssa.gov/policy/docs/ssb/v76n2/v76n2p1.html The SS Bulletin advises that for Males, it is never optimal to delay SS Benefits to age 70 at any Discount Rate. This is mainly due to the survival factor or average life expectancy. For Females, there is a slight advantage, but that advantage is eliminated once their Discount Rate exceeds .7% which is .007 (decimal equivalent) or less than 1% or .01 (decimal equivalent). Hope this helps.

Lastly, working an additional year or more will only have a positive affect on your 35 year Average Index Monthly Earnings if your additional years after FRA replace lower earnings prior to FRA. Remember, one's Covered earnings prior to age 60 are indexed for inflation and time. It is not uncommon to have one's Covered Earnings from 30 years ago increased by 40% or more.