Would you please explain what the 6 month retroactive benefit is and how it works. I am 68 years old, my FRA was 66 and I am still working and haven't filed for my
S.S. retirement benefits yet

Hi,

I'll try. Since you are older than full retirement age (FRA), when you file for benefits you will have the option to claim benefits up to 6 months prior to your month of filing. However, taking the retroactive benefits will come at the cost of receiving a lower monthly benefit rate for life.

For example, say Bill turns age 70 in July 2017. If Bill files for his benefits in July, he'll have the option to start his benefits either at age 70 or effective with any of the 6 months prior to that. If Bill's age 70 benefit rate would be $2640, it would only be $2560 if he instead starts his benefits retroactive to January 2017.

You may want to strongly consider running the maximization software available on this website before deciding when to start drawing your benefits. Especially if you are married or have been in the past, you may have filing options that you haven't yet considered.

Best, Jerry