Hello harpazo. Here's some information from AARP. The Social Security Administration averages your highest 35 years of earnings on record, to determine your benefit amount at retirement. (Earnings up to age 60 are indexed to wage inflation; later earnings are recorded at their actual amount.) If your earnings in a year after age 70 are higher than those in the lowest-earning year already in your record, then the new year will knock out the old one in their calculations and your benefit check at retirement will be higher.
Also, the SSA website has
various calculators, to help
estimate how much your retirement check will be, once your claim. The quick-and-easy version does not require you to input a lot of information, but its estimate is rough. A better estimate is obtained by using the calculator that requires you to enter annual gross earnings for each of your highest 35 years of employment. The SSA website also allows you to view the earnings amounts recorded for each year in your social security account to date, so you can also check for mistakes or omissions.
As Subhotosh mentioned, delaying your claim for social security until you reach age 70 will increase your monthly check amount. For example, a person who starts collecting social security at age 66 with a $1300 monthly benefit could have received $1716 instead (a 32% increase, not including any cost-of-living adjustments that might happen) had they waited until age 70 to claim.
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