Age 70 benefit increases at 8% per year. Only those with an FRA of 66 years 0 months (1954 birth and earlier) will see four full years of 8% increases. For those born in 1957 (FRA of 66 years 6 mo), the increase would be 3.5 times 8% or 28%. 1960 and after will see a 24% increase. As I understand it the PIA will be adjusted for inflation between FRA and age 70.
I see that medical spending in retirement figure often and I think: yes, and my grocery bill will be about $325,000.00 over the next thirty years, plus inflation.
Comments
Age 70 benefit increases at 8% per year. Only those with an FRA of 66 years 0 months (1954 birth and earlier) will see four full years of 8% increases. For those born in 1957 (FRA of 66 years 6 mo), the increase would be 3.5 times 8% or 28%. 1960 and after will see a 24% increase. As I understand it the PIA will be adjusted for inflation between FRA and age 70.
Post: The Magic Number
Link to comment from August 29, 2022
I see that medical spending in retirement figure often and I think: yes, and my grocery bill will be about $325,000.00 over the next thirty years, plus inflation.
Post: Retirement Riddles
Link to comment from August 1, 2022