Thanks to modern medicine and our society in general, we’re living longer than ever – and most of us are staying healthy longer, too. That, combined with the fact that many of us are in a financial situation that requires it, means that people are retiring at an older age than before. Delayed retirement is an option that has been shown to increase Social Security benefits by as much as 25% or more. It works simply – just waiting to apply for your Social Security benefits will help you accumulate delayed retirement credits. These credits will increase benefit amounts by five to eight percent each year.

You can keep accumulating these increases up to the age of 70. That means that by delaying retirement you could end up getting much larger benefit amounts when the day finally does come that you decide to slow down and relax. It’s a great call for those who want to keep working and enhance their retirement by a good bit, and as long as you’re in good health and able to work it makes a lot of sense.


There is still one thing to keep in mind where this is concerned, and that’s Medicare. No matter whether you retire at 66 or wait until you’re 70, you still need to sign up for Medicare at 65. The big reason is simple – in some cases your medical insurance will increase in cost when you delay getting it. While you can increase your retirement amount, you’ll also increase you insurance costs if you wait to apply for them.

Those insurance costs can increase no matter what type of retirement plan you have in place and no matter what type of Medicare you have. With some types of coverage – like Medicare Advantage – you’ll be using Medicare as your primary insurance carrier. Your coverage can be affected, as can additional costs associated with your health care.

Being able to retire comfortably is a dream for millions, but for some it could pay off tremendously to wait a little while before doing so. The increase in benefit amounts may make it well worth doing. If you decide to put off retirement and take a delayed retirement, you’ll still want to make sure you apply for your Medicare insurance coverage as soon as you’re old enough to do so. There’s no need to avoid doing it, especially when prolonging it could cause you to spend even more in the long run.