7. You Already Have 35 Years of Service Credit

The benefit amount you’ll receive from the Social Security Administration is calculated based on your earned incomes in the 35 years in which you had the highest compensation. If you’re currently hitting your peak earning age, you could increase your benefits by working for a few more years and deferring your benefits.

However, if you think that your average earnings won’t go up, such as if you’re a part-time employee or you had your reasons to retire early, you won’t lose the opportunity to increase your benefits with higher earning years. You will, however, have your benefits reduced if you don’t wait until full retirement age. Plus, just think about how that will help you pay off existing loans or modify your credit cards!