Question: I keep reading that for every year after age 62 you delay SS your payments go up an average of 8%. Is this assuming you keep working? Thanks. Bob, St Paul, MN

Answer: You're right that your benefits go up by 8% a year by delaying retirement if you were born in 1943 or after. The increase in benefits stops at age 70. This part of the benefit calculation isn't dependent on your work history. It's age based.

The Social Security Administration's website has a lot of useful information. You can look this table to see the impact of holding off retirement after age 62 on an annual and monthly basis.

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