[silverleaf]

You get your full benefit if you start collecting at full retirement age, which varies depending on your year of birth but for some boomers is age 66.5
If you start collecting sooner the benefit is permanently reduced and if you wait beyond full retirement age, there is a slight increase every year up to age 70

[cherry]

I've also figured out that it doesn't matter HOW long you've worked...I've worked for nearly 40 yrs...it depends solely on how much you made....for me, being a mother and part time nearly all my life, my SS does not amt to much....

also, someone told me this....that whatever year you are when you retire, you get the same amt whether you retire on Jan 1st or Dec 31st....you get the same amt regardless...

so if you think you're going to retire late in the year, stay working and start collecting on Jan 1st because all your increase will be there...

[slouch-no-more]

It’s more than a “slight” increase actually. If your full retirement age is 66, and you file suspend at that age, then you get 8% more per year every year up to age 70. That’s 4 years at 8% a year. Where else can you earn that kind of guaranteed money nowadays?

This is a great thing to do IF you can afford to wait until 70 to start receiving SS payments.

Either way, you still start Medicare benefits the first day of the month of your 65th birthday.