Asked by entwistlecindy  |  Submitted March 10, 2018

I turn 65 this year, when do I need to file for Social Security? Can I wait until I'm 68 to file with no penalty?

I plan to continue working for another 4 - 5 years. I don't want to start receiving my Social Security until after I retire, at age 68 or 69. Does filing now affect my Primary Insurance Amount?

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  Answers  |  1

July 30, 2018

Full retirement age for those turning 65 this year is 66. If you file early your will get a reduced amount. Your can certainly wait to file. In fact, every year your wait past your full retirement age (FRA) you will get an 8% increase in your social security payment. You can delay as long as to age 70 and get the annual increase. If you can afford to wait it can be very beneficial as these increases (or decreases if filed early) will continue for your full lifetime. If you are in need of the money now or have a chronic illness you may want to file early, but in general, the longer you wait the better off you are. If you are married it becomes a more complex conversation and you may benefit from talking to someone who can help you determine the most optimal strategy for you and your spouse.

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