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Your benefit continues to increase year after year until you reach age 70.
This is independent of any COLA adjustments.
So, there is an incentive to not draw your benefit
Your benefits increase every month you delay until you reach the age of 70. That is when your benefits stop increasing
Your benefits are reduced by 5/9 of 1% for each month you draw before age 66
Then, once you reach age 66 they grow 8% per year and reach their maximum at age 70
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