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.
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