Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start receiving benefits at various ages (e.g., 62, 67, and 70).
According to each yearly statement the estimated amount I would get if I elected to start getting benefits at age 62 goes up. Here is a chart of the increases for the past several years:
2014 2.48% 2015 5.73% 2016 0.90% 2017 4.17% 2018 0.17% 2019 3.54% 2020 3.64% 2021 11.02% 2022 0.24%
My income over this period is quite stable, with only very small increases each year.
The increase in 2018 is practically zero while the increase in 2021 is 11%. Why do the increases vary so much from year to year?