If you start receiving benefits at age 66 and 6 months you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.
The chart below explains how delayed retirement affects your benefit. The increase is based on your date of birth and the number of months you delay the start of your retirement benefits. If you start receiving retirement benefits at age:
- 67, you'll get 104 percent of the monthly benefit because you delayed getting benefits for 6 months.
- 70, you'll get 128 percent of the monthly benefit because you delayed getting benefits for 42 months.
When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.
If you decide to delay your retirement, be sure to sign up for Medicare at age 65.
In some circumstances, medical insurance costs more if you delay applying for it.
How Delayed Retirement Affects Your Social Security Benefits
| If you start getting benefits at age 1 | Multiply your Full Retirement Benefit by 2 |
|---|---|
| 66 + 6 months | 100% |
| 66 + 7 months | 100.7% |
| 66 + 8 months | 101.3% |
| 66 + 9 months | 102.0% |
| 66 + 10 months | 102.7% |
| 66 + 11 months | 103.3% |
| 67 | 104.0% |
| 67 + 1 month | 104.7% |
| 67 + 2 months | 105.3% |
| 67 + 3 months | 106.0% |
| 67 + 4 months | 106.7% |
| 67 + 5 months | 107.3% |
| 67 + 6 months | 108.0% |
| 67 + 7 months | 108.7% |
| 67 + 8 months | 109.3% |
| 67 + 9 months | 110.0% |
| 67 + 10 months | 110.7% |
| 67 + 11 months | 111.3% |
| 68 | 112.0% |
| 68 + 1 month | 112.7% |
| 68 + 2 months | 113.3% |
| 68 + 3 months | 114.0% |
| 68 + 4 months | 114.7% |
| 68 + 5 months | 115.3% |
| 68 + 6 months | 116.0% |
| 68 + 7 months | 116.7% |
| 68 + 8 months | 117.3% |
| 68 + 9 months | 118.0% |
| 68 + 10 months | 118.7% |
| 68 + 11 months | 119.3% |
| 69 | 120.0% |
| 69 + 1 month | 120.7% |
| 69 + 2 months | 121.3% |
| 69 + 3 months | 122.0% |
| 69 + 4 months | 122.7% |
| 69 + 5 months | 123.3% |
| 69 + 6 months | 124.0% |
| 69 + 7 months | 124.7% |
| 69 + 8 months | 125.3% |
| 69 + 9 months | 126.0% |
| 69 + 10 months | 126.7% |
| 69 + 11 months | 127.3% |
| 70 or later | 128.0% |
| 1 If your birthday is on the 1st of the month, we figure your benefit as if your birthday were in the previous month. | |
| 2 Percentages are estimates due to rounding. | |