Will My Benefit Rate Continue To Grow If I Start Drawing My Benefits?

Mar 7 2018 - 7:35am

I am 66 (FRA) and still working full time. If I start drawing my Social Security now will my benefit continue to grow and if so how much? Or would it just be better to wait until I retire to draw?


Your retirement benefit rate might continue to grow as long as you're working, but only if you earn a higher amount in a current or future year than you did in one of your previous highest 35 years of earnings that were used to initially compute your benefit rate (https://www.ssa.gov/pubs/EN-05-10070.pdf). However, once you start drawing your benefits you will stop earning delayed retirement credits (DRC), which would otherwise increase your rate by 8% per year (https://www.ssa.gov/planners/retire/delayret.html).

You should strongly consider using our maximization software to compare your options and determine your best strategy.

Best, Jerry