Ask the Experts: Increasing Your Social Security Benefit by Working Longer

Q.  I’m 66 and working full time. If I reduce my hours and work part time until age 70, will working between ages 66 and 70 increase my benefit? If I take Social Security at age 70 instead of 66, how much will my benefit increase?

A. Your Social Security benefit is based on your 35 highest-earning years, so working part time won’t result in a larger benefit unless you earn enough to replace a previous year in which you earned less. But because you’ve reached full retirement age, you can work and collect your Social Security benefit, increasing your total income now. (Keep in mind, however, that you may pay federal income tax on your Social Security benefits as part of your earnings.)

If you delay taking your benefit, a $1,000 monthly benefit at age 66 would grow to $1,320 at age 70. Go to www.ssa.gov/pubs/10147.html to see the difference in benefit amounts by age. 

Source: Social Security Administration