Money

New calculator shows how delaying Social Security boosts benefits

Posted on 24 July 2008

Mark Miller
Mark Miller
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A majority of Americans file for Social Security benefits as soon as they become eligible at age 62. In many cases, you’ll receive higher lifetime benefits by waiting at least until the Normal Retirement Age (NRA) of 66 or higher. Now, the Social Security Administration has launched a new online Retirement Estimator that allows you to project your future benefits assuming different retirement ages. The tool is free and easy to use–you just plug in a few personal facts and your Social Security number; the site digs through your actual lifetime earning history and calculates your monthly benefit assuming different retirement ages. It’s a useful decision-making tool and takes less than five minutes to use.

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  3. Social Security: The compelling case against filing for early benefits
  4. Reader mailbag: Social Security COLAs and spousal benefits
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2 Comments For This Post

  1. Mary Shelkey Says:

    I retired at 62 and my retirement is very small after working all my life. Now I received my Medicare Card through the mail and went to the Social Security Office. They say as of Sept 1 2008 I will be eligible for Medicare, but they couldn’t help me with the Plan D paperwork because they are not allowed to. Could you please give me some advise on who could help me with the Plan D of My Medicare so that I could select a plan that would help me with my Prescription Plan. Gratefully yours Mary Shelkey. You can send me an answer to my e-mail address which is tomshelkey@yahoo.com

  2. Mary Shelkey Says:

    I already typed you a comment

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