Retirement Information and Tips
If I take social security at 62 (now) my benefit is $1320. I am receiving a government pension. Will that pension count as income which would increase my benefit if I wait until 66? If not, will my benefit be higher at 66 if I have no income from working during these next 4 years?
Asked by someone from Mesa, AZ on 3/13/2017
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There is definitely a benefit for delaying the start of social security. Each year of delay you will get about 6% more for life, and your spouse will similarly benefit from higher spousal benefits and survivor benefits. It gets even better (about 8% per year) after 66 up to 70. Your pension is unlikely to increase your basic benefit. See https://www.ssa.gov/planners/retire/annuities.html. Go to www.ssa.gov to find the exact numbers for your social security number.
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