You'll get a bigger check every month. However, how much bigger depends upon what year you reach full retirement age, and how long you postpone collecting benefits. If you were born in 1941 or 1942, you'll receive 7.5 percent more per year. If you were born in 1943 or later, you'll receive 8 percent more per year.

You can estimate your retirement benefit online based on your actual earnings record using the Retirement Estimator calculator on the Social Security website (www.ssa.gov). You can create different scenarios based on current law that will illustrate how different earnings amounts and retirement ages will affect the benefit you receive.