This Social Security Play Means More Money


If you’re nearing retirement or retired already, you might be able to delay receiving social security benefits to get higher payments when you do receive them.

Why Waiting Can Pay Off

If you elect to receive benefits before the normal retirement age, which is between 65 and 67 depending on when you were born, you get smaller payments over a longer period of time. But if you delay payments, you can get as much as 8% more for every year between your full retirement age and 70, according to a report in The Wall Street Journal.

For each year you continue to work before retiring, you can add another year’s worth of earnings to your Social Security record, meaning you’ll get even more in social security benefits when you finally do retire.

How to Delay

If you haven’t reached your full retirement age, you don’t have to do anything to delay receiving your social security benefits. But when you are ready to receive them, you can apply online.

If you’re already receiving social security benefits and you’re under 70 years old, you can voluntarily suspend your benefits thanks to the Senior Citizens' Freedom to Work Act of 2000. For more information, visit or call 1-800-772-1213.

Related Stories:

Loophole Used to Seize Protected Benefits

Do You Need an Elder Care Attorney?

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at

Show Comments

Back to Top