Are there advantages to waiting longer?
Absolutely. Every year you wait past your full retirement age results in annual increases of up to 8 percent in payments. For those born in 1956, who will turn 62 this year, full retirement age comes at age 66 and four months, when they would receive 100 percent of value. If they waited a year longer than that to file, their monthly payments would be issued at 108 percent. And if they waited until age 70, their monthly payments would be issued at 129.3 percent. The increases are capped at age 70, so there’s no advantage to waiting longer than that. These advantages are also being pared back for future retirees. For those born in 1960, who will reach full retirement age at 67, waiting until 70 will result in an increase only to 124 percent.