Delayed Retirement Credits
Social Security retirement benefits are increased by a certain percentage (depending on date of birth) if you delay your retirement beyond full retirement age.
The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits.
Increase for Delayed Retirement
|Year of Birth*||12-Month Rate of Increase||Monthly Rate of Increase|
|1933-1934||5.5%||11/24 of 1%|
|1935-1936||6.0%||1/2 of 1%|
|1937-1938||6.5%||13/24 of 1%|
|1939-1940||7.0%||7/12 of 1%|
|1941-1942||7.5%||5/8 of 1%|
|1943 or later||8.0%||2/3 of 1%|
If you've already reached full retirement age, you can choose to start receiving benefits before the month you apply. However, we cannot pay retroactive benefits for any month before you reached full retirement age or more than 6 months in the past.
If you decide to delay your retirement, be sure to sign up for just Medicare at age 65.
If you do not sign up, in some circumstances your Medicare coverage may be delayed and cost more .
If you do not sign up, in some circumstances your Medicare coverage may be delayed and cost more.
What's the best time to start your retirement benefits? We're not recommending that you start at age 62, your full retirement age, age 70, or any age in between. Here's some additional information that may help you decide what's right for you: