Social Security Full Retirement Age: Patience is a Virtue

Retirement Planner: Full Retirement Age

The Benefits of Delaying

If you retire sometime between your full retirement age and age 70, you typically get a credit. For example, say you were born in 1944 and your full retirement age is 66. If you intend to take your benefits at age 68, you can get a credit of 8% per year multiplied by two (the number of years you waited). This makes your benefit 16% higher than the amount you would have received at age 66. You can also refer to your annual Social Security statement, which lists your projected benefits at age 62, full retirement age, and age 70. If you need a copy of your annual statement, you can request one from the Social Security Administration (SSA). If you feel like it will be difficult to wait, you're not alone. Even though most people would probably be better off delaying benefits, more than two-thirds of eligible workers take Social Security early.

Comment (what we did): I took my benefit at 66. We are delaying Kathee's until 70 (4 more years)