neurosphere wrote: ↑Thu Feb 20, 2020 7:16 am
Monster99 wrote: ↑Wed Feb 19, 2020 6:17 pm
Thanks for the response - I will try to look at the output more closely. I had just noticed that the benefit multiplier didn't seem to increment for the 8 months between FRA and age 67 but did at 9 months....
Do you see in the options in the forms to "calculate benefit after initial entitlement? Choose FRA + two months (as an example) as the date of entitlement. But then increment the "calculate benefit after..." one month at a time from FRA + 2 months for 12 months and look at the benefit. When does it change? Why did your benefit go up at some point, even though you didn't change the retirement/entitlement date?
Edit to add: For the experiment above, in the assumptions, select the "no increase" options if you haven't already, to ensure you are only seeing the effects of delayed credits, rather than COLAs or other inflation-related changes coming into play.
I put in FRA + 2 months and then incremented the "calculate benefit after .." as above and the only change occurred at age 67 and 1 month -
(data below - I removed the personal numbers)
The delayed increment changed
Sex: male
Date of birth: December 06, 1956
Retired in June 2023 at age 66 and 6 months
Benefit as of January 2024 at age 67 and 1 month
Full retirement age: 66 and 4 months
Early retirement age: 62 and 1 month
Wage-Indexed Formula (1977 Act)
PIA =
MFB =
Special Minimum
PIA =
MFB =
Indexed Monthly Earnings =
Primary Insurance Amount =
Number of months increment = 2
Delayed increment factor = 1.01333
Benefit before rounding =
Benefit after rounding =
Maximum Family Benefit =
Here is the one that got my attention:
Sex: male
Date of birth: December 06, 1956
Retired in December 2023 at age 67 and 0 months
Full retirement age: 66 and 4 months
Early retirement age: 62 and 1 month
Wage-Indexed Formula (1977 Act)
PIA =
MFB =
Special Minimum
PIA =
MFB =
Indexed Monthly Earnings =
Primary Insurance Amount =
Number of months increment = 0
Delayed increment factor = 1.00000
Benefit before rounding =
Benefit after rounding =
Maximum Family Benefit =
add a month and get 9....
Sex: male
Date of birth: December 06, 1956
Retired in January 2024 at age 67 and 1 month
Full retirement age: 66 and 4 months
Early retirement age: 62 and 1 month
Wage-Indexed Formula (1977 Act)
PIA =
MFB =
Special Minimum
PIA =
MFB =
Indexed Monthly Earnings =
Primary Insurance Amount =
Number of months increment = 9
Delayed increment factor = 1.06000
Benefit before rounding =
Benefit after rounding =
Maximum Family Benefit =
.....so I am still confused...