8% of your PIA per year, which is not the same as 8% of your current benefit amount. In other words, delay credits don’t compound. If you were born in 1955, your FRA was 66 and 2 months, and your PIA (the base for computing the 8% delayed credit is the benefit you would have received if you’d filed at that age, adjusted for inflation.)8% per deferred year is what I was always taught. In my case, the 8.6% difference for 17 months is what also made up my mind to claim now. Can’t explain it, but I’ll take it.Isn't the difference 2/3% per month benefits increase for waiting? For 18 months, wouldn't that be approximately 12% difference in final check amount? (Instead of 8.6%)
Hopefully, someone can explain.
Statistics: Posted by dodecahedron — Sat May 11, 2024 9:54 am — Replies 26 — Views 2408