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Financial Learning Center

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)

Year of Birth

Benefit Increase











1943 or later


Other Considerations If You Continue Working

  • Your retirement investments will have more time to grow.
  • You will have earned income over a longer period and will be able to make 401(k) contributions.
  • You will have earned income over a longer period and will be able to make contributions to a traditional IRA until you are age 70, or to a Roth IRA at any time you have earned income.
  • You may continue to have medical benefits provided to you. And,
  • There's often a psychological benefit to working.
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