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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Barry
I am over 59 1/2 and don’t take SS now. I took 100,000 dollars out of my 401 (K) at work in 2017.
Will that count toward one of my highest quarters since I am still working and it would definitely be my highest quarter. I DID have to pay in more SS in 2017 because of the 100,000 dollar withdrawall.
Patsy B.
I don’t understand why I had no increase in benefits afterI worked for at least 3 years after my retirement.
melanie j.
to my understanding, there is supposed to be an 8% increase in benefits each year that you continue to work. now i am concerned.
Geno
If I am currently collecting social security is there any way to increase my monthly amount?
Mtx
Robin
Thanks for this article! But I thought spousal benefits were not helped by DRCs since they are capped at PIA at the worker’s FRA. However, widow(er) survival benefits do include DRCs. This is all very confusing and should be carefully communicated.
Robert S.
My wife and I are both on SS. Mine is higher. When I die, does she automatically get mine?
melanie j.
i could possibly be in a similar situation and if i die before my husband, will he be able to receive my ss check? I believe it will be significantly higner by the time i retire. thank you .
Becky B.
I am a woman (paid less than a man), age 73, will be 74 in November 2018, but I am unable to retire (still working) due to TRS/SS rules regarding a windfall issue. This needs to be changed because my SS was earned before working working for TRS retirement. If I retire with TRS, I will lose about half of what I earned during my working career with SS. I will need both TRS and SS in order to retire. This is unfair because SS was earned before TRS. What do I need to do to change this windfall issue?
Ken L.
I’ve read there are many different ways to try to maximize SS benefits. I have a simple question, if my wife and I both wait until we are 70 to start taking SS benefits, is that the best possible and maximum amount we could get, or are there still other options we need to research?
R.F.
The longer you wait to collect your Retirement Benefits the higher the benefit amount. An individual will get delayed retirement credits up to age 70, and receive his or her highest -possible- benefit amount. Please bear in mind that the decision on when to apply for benefits is a personal one. We can only provide you with the information to help you make the best choice according to your own situation.
Please call our toll free number at 1-800-772-1213, Monday through Friday, between 7 a.m. and 7 p.m. and speak with one of our representatives if you need further assistance. Thanks!
Chris H.
How far in advance should one apply for SS benefits?
Richard V.
So, I was told that even though I delayed my retirement 14 months, applied in November, 2017 (turned 66 in September 2016), that I would not receive the full credit until the February, 2018 benefit. Why don’t I receive the benefit for the full 14 month delay with my first benefit payment? The calculations are available – I received them from my local SS office. I feel I am due the $352 shortfall for the November and December, 2017 benefit.
R.F.
Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please continue working with your local office. You can request that we review your records and that we provide an explanation as to how we made a determination on your claim. An official determination of your claim from Social Security will provide you appeals rights, if in case you wish to seek legal advice to verify our decision. Please visit our Delayed Retirement Credits web page for general information on this topic.
If you are unable to visit the local office, you can call our toll free number at 1-800-772-1213, representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks!
Thanks.
Rod K.
I am claiming social security and continuing to work. Will my benefits continue to increase even after I work past age 70?
R.F.
Hi, Rod. Generally, if you continue to work while receiving retirement benefits, your monthly benefit amount may 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”. Thanks!