Will Waiting Until Age 70 Increase My Rate Even If I Stop Working?

Aug 7 2017 - 7:19am

Hi there! I will turn 66 (FRA) in November of 2018. I plan to work until July 1, 2019. If I postpone collecting Social Security benefits until age 70, will my benefits increase during the 4 year period from age 66 to 70, even though I have stopped working and am not paying into Social Security during those 4 years? Thanks!


Absolutely. Your benefit rate will increase by 2/3rds of 1% for each month that you defer taking benefits between full retirement age and age 70 (https://www.ssa.gov/planners/retire/delayret.html). That will result in a 32% increase in your monthly rate if you wait until age 70 to start drawing your benefits.

You may still want to consider using the maximization software available on this website to explore your filing options, though. Depending on your marital history, you may have additional options.

Best, Jerry