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If you want to maximize your monthly Social Security checks, waiting until 70 to claim benefits is a smart move. Your monthly benefit at 70 would be about 77% higher than it would be if you started as soon as you became eligible at 62.
But what happens if you hold out beyond age 70? Will your Social Security benefits get an even bigger boost? Read on to learn what happens if you don’t claim Social Security by 70.
Do You Get More Social Security Money if You Wait Past 70?
The short answer is no. You won’t increase your Social Security benefits if you delay beyond age 70.
At full retirement age, you’re eligible for your full benefit, also known as your primary insurance amount. If you claim early, you’ll receive a reduced amount. However, for each year you wait beyond your full retirement age — which is 67 if you were born in 1960 or later — you’ll receive an 8% delayed retirement credit. But you stop earning those delayed retirement credits once you reach age 70.
What Happens if You Don’t Collect Social Security at 70?
While there’s no rule that says you have to collect Social Security at 70, there’s no reason to delay benefits any longer. Your benefits max out once you’re 70. Waiting won’t result in bigger Social Security checks.
If you haven’t applied for benefits by the time you’re 70, Social Security will retroactively pay you up to six months’ worth of benefits. However, you’ll forfeit any delayed retirement credits you earned for those months.
What if I’m Still Working at Age 70?
If you’re still working at age 70, you could continue to increase your benefits under some circumstances. But the boost would come from working, not from delaying Social Security.
Your Social Security primary insurance amount is based on your 35 highest-earning years.
If you haven’t worked 35 years, continuing to work would increase your benefits. Likewise, if you’ve worked 35 years and your salary is higher than one of…
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