Will My Age 70 Benefit Rate Continue To Increase?

May 11 2017 - 9:07am

I'm 66 yr, employed and chose to collect half of my husband's social security allowing mine to increase until age 70. Will my personal amount at age 70 increase as I'm still employed or Is it based on amount on date I filed for half of spouses


Your retirement benefit rate can increase through a combination of 2 factors. First, your primary insurance amount (PIA), which is often referred to as your full retirement age rate, can be increased if you continue working. Your PIA is based on your highest 35 years of wage-adjusted earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf), and can be recalculated following any year in which you earn more than in one of your previous high 35 earnings years.

After your PIA is calculated, or recalculated if applicable, delayed retirement credits (DRC) are added for each month that you defer taking your retirement benefits past full retirement age up until age 70. DRCs are credited at a rate of 2/3rds of 1% per month, or 8% per year, so if you wait until age 70 to start drawing your retirement benefits, your benefit rate will be 32% higher than your PIA at that time.

Best, Jerry