Quote:
Originally Posted by Rain Man
You worked at the Social Security Administration? Let me ask you a question I haven't figure out yet.
There's a maximum social security payment that a person can get. But does that maximum go up if you take a delayed payout? In other words, if I'm eligible for the maximum amount at age 67, is the amount still going to be higher if I wait until 70? Or is the cap always the cap?
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I worked there for a little over 6 years. It has the most convoluted, obscure, ridiculously obtuse rules. The manual, called POMS, would take you a year to read every single entry, and they add or remove shit to a line or paragraph all the time. I'm much happier not working there. It didn't matter what you did, you never ever ever ever caught up on your work. If someone wants a challenging, never-ending mountain of thankless work, by all means work for SSA.
Delayed retirement is a separate beast itself. If I remember right, I think you can earn a MAXIMUM of 8% per year AFTER your FRA (Full Retirement Age). The benefits accrue each month after you reach FRA, and terminate at age 70. You can't earn anymore past 70. So, you can up your age 70 benefits. Again, this would be wise if you are making a decent living and working/have enough saved to wait.