#3: When You Can Get Benefits - IV

Some people decide to continue working full-time beyond their full retirement age and delay receiving Social Security. If you decide to do this, you can increase your benefit amount two ways: 

• Your benefit is increased by a certain percentage for each month that you do not take benefits from the time you reach full retirement age until either you start taking benefits or you reach age 70. This increase is called a delayed retirement credit (DRC). 

• Each additional year you work adds another year of credits. Higher lifetime earnings or additional earnings may result in higher benefits when you do retire and take benefits. For millions of women who rely heavily on Social Security income, the monthly benefit amount can mean the difference between making ends meet and sliding into poverty. Your own personal situation should guide you in your decision on when to begin receiving benefits. Ask yourself these questions: 

• Can you count on a pension, income from retirement savings, or other income during retirement? 

• Are you healthy enough to continue working? • Is the difference between the benefit amounts at different ages significant given your situation? For most people in good health, it’s better to wait at least until full retirement age. If you’re like Jennifer, you might want to consider delaying your Social Security benefits for a year or more after you reach full retirement age. Jennifer’s benefit will go up by more than $900 a month if she holds off retiring until age 70. If you decide to delay your Social Security benefit, you still have to sign up for Medicare health insurance three months before you turn 65. Call (800) 772-1213 to set up a phone appointment or to request an in-person meeting at your local Social Security office.