(somewhere from 66 to 67, depending on when you were born). But then once you reach full retirement age, your benefits will be recalculated to account for the amount that was withheld, and you'll start receiving fatter checks.

The risk of trying to work later in life

Working longer or working part time in retirement has its advantages, but there's also one significant risk: You may not actually be able to work longer.

Nearly 40% of retirees said they ended up retiring sooner than planned, according to the 2019 Retirement Readiness Survey by Aegon, a life insurance, pension, and asset management company. Two of the most common reasons for early retirement are health issues and unexpected job loss. So even if you want to continue working in retirement or delay retirement by a few years, you may not have that option.