Font Size
    • Share to Facebook
    • Twitter
    • Email
    • Print

How much will my benefit be increased for each year I work beyond my full retirement age?

Q. I am still working full-time. I would like to know how my continued employment will affect my Social Security benefits. By how much will my benefit be increased for each year I work beyond my full retirement age?
A. The delayed retirement credit rate of increase for a worker born in 1940 is 7 percent per year (or 7/12 percent per month). The delayed retirement credit rate is 8 percent per year for persons born in or after 1943. Basically, that means that a person who defers application until age 70 would see a 32 percent increase in his or her Social Security benefit over what would have been paid at age 66.When Social Security benefits begin, the Social Security Administration determines a primary benefit based on a worker's 35 highest years of lifetime earnings (after old earnings are indexed to bring them up to date). Next, delayed retirement credits are added for each month after full retirement age a benefit is not paid. Cost-of-living adjustments from age 62 are applied to the enhanced benefit to determine the monthly benefit amount


   

Subscribe e-Alerts

Sign up to receive National Committee updates on Social Security and Medicare.

Read Our Blog

Seniors Dodge Devastation of Balanced Budget Amendment

The Balanced Budget Amendment introduced by House Republicans went down to defeat Thursday night by a vote of 233-184, falling fall short of the 2/3 majority required to advance the measure to the Senate. The amendment’s demise was a relief for our nation’s seniors, because it threatened the earned benefits they have contributed to during their entire working lives.

Read More




 

            

 

Copyright © 2018 by NCPSSM
Login  |