One part of the US government's Social Security program is to provide monthly pensions to eligible retired people. A person retiring at 66 years of age receives a full monthly pension.
If the person postpones receiving it, the monthly pension increases by 8% of the full amount, per year, for a maximum of four years.
Since retirement dates are not always on exact birthdays, the increase over the full pension amount is calculated in tenths of a year.
If a person decides to start collecting a Social Security pension at age 69.5 instead of age 70, what is the percentage reduction in the
amount of the pension, compared to the amount that would have been received at age 70? no