An important part of retirement planning is deciding when to begin taking Social Security benefits. While it may be appealing to take benefits as soon as you are eligible, delaying benefits may increase the overall amount of money you will receive. As part of the Senior Citizens' Freedom to Work Act of 2000, anyone who has attained full retirement age, but is not yet age 70, may elect to suspend retirement benefits, in order to earn delayed retirement credits (DRCs).
File to receive benefits at full retirement age.
Immediately request suspension of benefits. This can be done at filing, in the "Remarks" section of the application. It can also be done by submitting an oral or written request to a Social Security Administration field office or by phoning the office directly.
Delay taking benefits until age 70, to maximize the number of DRCs that can be accrued.