what the benefits of increasing social security
That's because changing Social Security benefits required an act of Congress-literally. It took until 1950 for Congress to approve the first adjustment to Social Security benefits, an across-the-board increase of 77%. 3 Future increases were far from annual and also required Congress to pass legislation.
According to information from the Social Security Administration (SSA), a person can apply as early as age 62 and receive about 25% less than the full retirement benefit, or he or she can delay receiving benefits until age 70 and get an amount greater than the full retirement benefit.