@StephenB538127
'morning.
I think you have cause for some concern on this (though very little). There's a little-documented rule on how the delayed retirement credits are applied. I discussed it in at least one thread in this forum.
The Social Security benefit lets you obtain delayed retirement credits (drc) by waiting to draw benefits beyond your FRA. In my case, my FRA is 66 (I'm now almost 68) and my benefit increases by 8% (not compounded) for each year delay until age 70.
Actually, the drc is calculated on a monthly basis so one could draw "late" at any point in those 4 years (66 through 70) and get a differing benefit.
There is a tricky rule though. If I wait until I'm exactly 70 then my benefit is exactly 1.32 times my "full" benefit (1.32 accounts for the 4 years of 8%; there's also likely COLAs as well). This is great. But if I take benefits at any other time then they apply the monthly increase based on number of months delay; but for the first year of drawing benefits the benefit is based on the number of months delay until the January of the year you start drawing. So in your case you'll be shy by 5 or 6 months drc (!). They make this up the next year and apply the full amount of month's credit. It's not clear to me if the cash that's missed out on for that first year is ever repaid. Maybe it is but I'm not certain.
I can't put my finger on the supporting information for this rule right at the moment [I did, see message below]. I will try to find the forum thread with the discussion. I know that a related SS page has been edited to clarify this point...they made the text BIG and BOLD to emphasize (although the point is so subtle probably no one really gets it)
So if you happened to draw benefits at 47 months instead of 48 months your initial benefit would be based on, say, 43 monhs. Then next January you would get the full juice up to 48 months. Those 7 months or so of missing cash? I don't know.
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