How You Can Grow Your Social Security Benefits Beyond Retirement Age
Reading Time: 2 MinutesLast Updated: November 3, 2023
For more and more Americans, reaching retirement age no longer means the end of an active working life. Many people are choosing to work past the age of 65, according to the Department of Labor’s Bureau of Labor Statistics.
If you’re willing and able, maintaining gainful employment later in life could go a long way toward ensuring a secure future for you and your family. Besides providing you with additional income to pay your bills, extending your employment or working for yourself could boost your lifetime Social Security benefits.
Here’s how:
Whether you’re still working or not, waiting to claim your Social Security retirement benefits could grow them significantly. Through delayed retirement credits, your monthly benefit amount increases for each year you wait between your full retirement age and 70. Full retirement age is between 65 and 67, depending on when you were born. To learn more about delayed retirement credits, please visit our Retirement Benefits page.
You get credits on your earnings record for each year of additional work income. Once you start receiving retirement benefits, we’ll automatically review your earnings record each year to determine if you’re entitled to an adjustment. When we calculate your retirement benefit amount, we use your best 35 years of earnings. We’ll increase your benefit amount if your new year of earnings is higher than one of the years we used to calculate your initial benefit amount. To see how we calculate your benefits, see our publication, Your Retirement Benefit: How It’s Figured.
An increased benefit amount for yourself could mean more support for your family, too, through Social Security spousal benefits, child benefits, and survivor benefits.
We also encourage you to set up your own online my Social Security account so you can verify your lifetime earnings record, check the status of an application for benefits, and manage them after you’re receiving them. You can create your personal my Social Security account today.
Social Security is committed to helping you prepare for a secure today and tomorrow for you, your family, and future family. You can access all of our retirement resources on our Retirement Benefits page.
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Tags: my Social Security, my Social Security account, retirement, retirement benefits, Social Security benefits, SSA, survivors benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Suzanne
How much money can I earn working part-time at age 70 before it negativelyaffects my current Social Security Benefits started at age 62? Can I earn to increase my current benefit?
Also re: filing taxes while on Social Security only, is $25,000 the amount which requires a filing?
Sandra M.
If I am just starting to collect SS this month, can you tell me how much money I can make if I get a job before I have to start paying back money to SS. What is the threshold amount
Roe
I am presently collecting 50% of my spouses benefit. I started it at the age of 66 (FRA) and now, two years later, would like to start collect my full amount, based on my own earnings. I tried to do it online but it doesn’t allow you to apply for it. Also, I am unable to get an estimate of my full benefit based on my current earnings. I am still working but would like to supplement my income. How do I go about changing my benefit from 50% of my spouse to 100% of my own benefit?
Joanne M.
Is it possible to return my social security benefits that I took at the age of 62. And then wait till I am 70 to take my benefits.
At age 65 I have to take my Medicare.
Is there such a thing as a do over.
Wanda I.
I am 71 years old single, collecting my own Social Security. I need to find a part time job and work to pay my rent each month. How much money can I earn in a year?
Leon C.
I received my social security at full retirement, 66. I have continued to work , i made more than the 35 years on the low amount. Can you please recalculate my monthly benefits.
Caroline A.
If I work and receive benefits early (age 63) when I turn 66 years old will my benefits be recalculated.?
A.C.
Hi, Caroline. Thanks for your question. If a person begins to receive benefits at age 62 or prior to their full retirement age, benefits are reduced. The reduction factors are permanently applied to all of the benefits for which the person may qualify. On the other hand, if you continue to work while receiving retirement benefits, your monthly benefit amount could increase. Each year, we review the records for all working Social Security recipients to see if additional earnings may increase monthly benefits. To learn more read our publication How Work Affects Your Benefits. We hope this information helps!
Digna B.
I would like to know if someone who continues to work at full retirement age while collecting SS benefits will still be deducted SS contributions. Can that retired person opt not to be deducted SS contributions? If SS contributions would still be deducted even after claiming SS benefits at full retirement age while working, will that change the person’s monthly benefit?
Thank you.
A.C.
Hi, Digna. Thanks for your question! The Federal Insurance and Self-Employment Contribution Acts (FICA and SECA) require the withholding of taxes from wages of employed people, and the net earnings of most self-employed people, for the Social Security and Medicare programs. Therefore, you cannot opt out. To learn more about FICA and SECA, please visit our Frequently Asked Questions. Also, each year we review the records for all working Social Security recipients. If your earnings for the prior year are higher than one of the years we used to compute your retirement benefit, we will recalculate your benefit amount. We pay the increase retroactive to January the year after you earned the money. Visit our Retirement Planner: Getting Benefits While Working for more information. We hope this helps.
Janice B.
I turned 70 in April. SSA suggested that I draw from my husband’s SS until I turned 70. At that time I would draw off my SS and receive a higher monthly amount. Do I need to apply for this change or is it an automatically change. My monthly payment is electronic fund transfer to my checking account. In May the amount was the same. Please advise.
A.C.
Hi, Janice. Since you are currently receiving benefits on another record, you will need to contact us to set up an appointment to file on your own record. You can call us at 1-800-772-1213, Monday through Friday, between 7:00 a.m. and 7:00 p.m., for assistance. Generally, you will have a shorter wait if you call later in the day. You can also contact your local Social Security office. We hope this helps.
Donna H.
if my husband starting getting his social security benefits early because of forced retirement, is there a way to increase his monthly payment now? I was told by a friend that there is
A.C.
Hi, Donna. Each year we review the records for all Social Security recipients who continue to work and will refigure benefits if applicable. For more information about how works affects benefits, visit here. We hope this helps.