You have three main options:
- Start collecting early
- Start collecting at full retirement age
- Start collecting after full retirement age
Let’s discuss the third one: start collecting after full retirement age?
If you delay past full retirement age your benefits are increased 8% annually up to 32% through delayed retirement credits. Credits are available to age 70.
You receive a higher benefit amount than otherwise available at full retirement age.
Your surviving spouse is also eligible for the higher monthly benefit.
You could receive benefits for a shorter period of time depending on how long you live.