If you have not filed for Social Security yet, waiting until your full retirement age means you can avoid the early-claiming penalty. You will receive the benefit amount you have earned through your work record so far, and your monthly checks will be higher than they would have been if you had claimed earlier. Whether that translates into a bigger lifetime payout depends on how long you live.
People who are already receiving Social Security do not automatically get a higher check just because they have reached full retirement age. In most cases, once benefits begin, the payment amount is set, with future increases coming only from cost-of-living adjustments, or in some cases because of earnings rules tied to work income.
2. You may get a benefit increase if past earnings test withholdings applied
Retirees whose checks were reduced in earlier years because of the earnings test may receive a one-time boost after reaching full retirement age. That increase is typically paid in the month after your birth month, since the Social Security Administration issues payments after they are due.
The earnings test can withhold part of your benefit if you earn more than a set amount while still below full retirement age. The threshold changes over time, and the reduction depends on how much you earn above the limit. The size of any later adjustment depends on how much was withheld previously, though for some seniors the increase can be significant.
3. You gain the choice to suspend benefits
After reaching full retirement age, you can choose to suspend your Social Security payments. If you do, benefit checks stop until you ask for them to restart or until age 70. For every month you delay while benefits are suspended, your future check grows by 2/3 of 1%, which can add up to as much as 24% over three years.
Of course, you would need to be able to cover your living expenses without those checks in the meantime. If that is not realistic, keeping your current benefit may be the better option.
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