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Delaying retirement hikes Social Security benefits

Q: I've reached my full retirement age, but I don't feel like retiring. If I decide to hold off for several more years, will my Social Security retirement benefit increase? — G.B., Brunswick

A: Yes. If you decide to delay your retirement benefits until after your full retirement age, your benefit will be increased by a certain percentage each year — up to a total of 8 percent. These increases, called delayed retirement credits, will be added in automatically from the time you reach full retirement age until the time you begin taking benefits or reach age 70, whichever comes first. To help you determine how much your benefit would increase, use our calculator at http://www.socialsecurity.gov/OACT/quickcalc/early_late.html. Or call us toll-free at 800-772-1213 (TTY 800-325-0778).

Q: If both my spouse and I are entitled to Social Security benefits, will we each get our own full retirement amounts, or is there a reduction? — T.T., Mansfield

A: When each member of a married couple works and earns enough credits to be eligible for Social Security retirement benefits, their lifetime earnings are calculated independently to determine their Social Security benefit amounts. Each of you will receive a monthly benefit amount based on your own individual earnings; there is no ''marriage penalty.'' In fact, it's quite the opposite, because if one member of a couple earns lower wages or didn't earn enough Social Security credits to be insured for retirement benefits, he or she might be eligible to receive benefits as a spouse based on the higher-earner's record.


Send questions to Robert Fenn, Social Security Administration, Second Floor, Federal Building, 2 S. Main St., Akron, OH 44308. Fax: 330-375-5616 or e-mail: Robert.Fenn@ssa.gov.

Q: I've reached my full retirement age, but I don't feel like retiring. If I decide to hold off for several more years, will my Social Security retirement benefit increase? — G.B., Brunswick

Get the full article here.


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