Waiting beyond your full retirement age (66 or 67, depending on when you were born) to receive Social Security payments means an increase of up to 8 percent in your amount per year, up to age 70 if you were born after 1943. At age 70, you would receive the maximum amount per month.
You don’t necessarily have to keep working after retirement. Depending on your situation, you may be able to stop working and use money from other investments as income while you wait to draw your Social Security.
What If I Can’t Wait that Long?