Is it true there are extra Social Security benefits available if I was born before 1969? How do I apply?
Answers | 3
If you feel it is true that there are "extra" social security benefits available, please list the source of your information here so that we can take a look at it. Under normal circumstances and if you are talking social security retirement benefits, since you were born in 1969 your FRA (full retirement age) is 67. If you take benefits under your own account at any age less than 67, your benefits will be reduced from the amount you will receive at age 67. At the same time, if you retire at any age 67+ up to age 70, your benefits will increase. Your benefits will not increase from age 70--so there really isn't a good reason to not start drawing social security by at least age 70. Hope that helps.
You need to know what your normal retirement age, or NRA, is. If you were born in 1937 or earlier it's 65. If you were born in 1970 or later it's 67. And if you were born between 1938 and 1969, it's somewhere in between. So if you were born before 1969 you can receive full benefits, not extra benefits if you retire prior to age 67. Consequently if delayed to age 70 you not only maximize your benefits but also those for any eligible spouse.
It depends on how you want to view the equation as to what is considered "extra benefits". I will say that currently there are several strategies that can be used to get some "extra" benefits from Social Security, however, most of those strategies will go away as of 1/2/2020 and the rest will go away by 1/2/2024. So technically you would have had to have been born prior to 1/2/1954 to take advantage of the strategies that allow for you to get "extra" benefits from social security and 1/2/1958 for the few that will phase out between 2020 and 2024. It is important to note that there are reasons to delay taking Social security benefits as the spread in income from elected at 62 & 1 month (first age eligible) and age 70 (last age a deferral credit is given) is 76% if FRA is age 66 (77% if FRA is 67), which is a significant increase in tax advantaged income and can lessen the strain on the rest of your retirement nest egg from 70 and beyond.