If you have the ability to wait beyond your FRA to claim, you'll receive a higher benefit amount. Each year that you delay past your FRA, you'll earn an extra 8% until age 70, at which point you'll max out your benefit.

If you were planning to retire next year, double check your math because a law passed in the ’80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception.