I was born in 1956 so my full retirement age is not for 6 more years. I am in good health and would like to work until at least age 70 to increase my benefit. Should I file for my benefit once I reach full retirement age and then suspend it? How does should I do this?

Hi,

Assuming that you wish to wait until age 70 to start drawing benefits in order to allow your monthly benefit amount to grow to it's highest possible rate, you likely don't need to do anything until shortly before you turn age 70. You will accrue delayed retirement credits (DRC) regardless of whether you file and suspend your benefits at full retirement age, or simply delay filing until you reach age 70. Furthermore, there are potential downsides to filing and suspending your benefits, such as limiting your ability to claim retroactive benefits, and eliminating the possibility of receiving full survivor benefits on a deceased spouse's or former spouse's record.

You may want to consider using the maximization software available on this website in order to explore all of your filing options and determine your best strategy.

Best, Jerry