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Your Social Security Benefits
What If You Postpone Collecting Your Benefits?
Say you don't want to stop working when you reach full retirement age, or you don't need the money quite yet. You can delay receiving benefits until you reach age 70. Depending upon when you were born, your Social Security benefit will be increased by a percentage factor ranging up to 8%, for each year you postpone collecting benefits, up to age 70. Your Social Security benefit could also possibly increase if your average adjusted earnings increase. Look at the table below for Social Security Late Retirement Factors. Benefit Increase For Each Year Retirement is Postponed (until Age 70) If you were born between 1943 and 1954 your full retirement age is 66
• 67, you'll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months. When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits. If you decide to delay your retirement, be sure to sign up for Medicare at age 65. In some circumstances, medical insurance costs more if you delay applying for it. Other Considerations If You Continue Working
Other Considerations If You Continue Working
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