[Magdalen] Feeling flu-ey. I'm sure it's a passing phase.

[James Handsfield]

Social Security benefit is based on the amount paid in with taxes (FICA), and it’s largely a lump sum (there’s a little leeway for cost of living adjustments).  The amount you get per month is calculated from the time you start until your 88th birthday.  The extra 8% is to cover that amount - it really isn’t extra, it’s just a recalculation of the monthly benefit.  

-------------------------------------
Education is its own reward, both for the individual and for society.

Jim Handsfield
jhandsfield at att.net

> On Dec 31, 2014, at 8:57 AM, Ann Markle <ann.markle at aya.yale.edu> wrote:
> 
> Here we can get a reduced Social Security benefit at age 62 (that's why I
> waited till I was 62 to retire, though it turns out I don't need the
> benefit yet).  My age cohort gets full Social Security (pension) at age 66
> (up a year from my brothers' age cohort at 65).  If we wait till age 70, we
> get 8% extra per month, but most analysts say that it doesn't pay off, in
> the long run, to wait till age 70.  We all still get Medicare at age 65.