All of your monthly benefit is yours if you begin receiving benefits at age 66. Your monthly benefit will increase if you wait to start receiving retirement benefits until after reaching full retirement age.
The chart below explains how delayed retirement affects your benefit. Your date of birth and the number of months you postpone the start of your retirement benefits determine how much more you will receive. If you start receiving retirement benefits at age:
Even if you keep delaying receiving benefits, your monthly benefit stops growing when you turn 70.
If you choose to postpone retiring, remember to enroll in Medicare by the time you turn 65.
No, Social Security benefits do not start automatically at age 70. You must apply for benefits to receive them, even if you are already 70 or older. This is a common misconception, and it can lead to people missing out on valuable benefits.
Why You Should Apply for Benefits at Age 70
There are several reasons why you should apply for Social Security benefits at age 70, even if you are still working:
- You will receive your full benefit amount. If you delay claiming benefits beyond age 70, you will not receive any additional benefit increases.
- You may be able to increase your benefit amount. Your earnings can increase your monthly benefit amount, even after you start receiving benefits. Each year, the Social Security Administration (SSA) checks your earnings record. If your latest year of earnings turns out to be one of your highest 35 years, the SSA will automatically recalculate your benefit amount and pay you any increase due.
- Your benefits will be protected from inflation. Your Social Security benefits are adjusted each year to keep up with inflation. This means that your benefits will continue to have the same purchasing power over time.
- You can receive benefits even if you are still working. There is no requirement that you retire in order to receive Social Security benefits. You can continue to work and receive benefits at the same time.
How to Apply for Benefits
The easiest and most convenient way to apply for Social Security benefits is online at www.ssa.gov/applyforbenefits. You can also apply by phone at 1-800-772-1213 or in person at your local Social Security office.
When to Apply for Benefits
The best time to apply for Social Security benefits depends on your individual circumstances. However, in general, it is best to apply as soon as you are eligible. This will give you the most time to receive benefits and allow you to maximize your benefit amount.
Additional Considerations
- If you are married, your spouse may also be eligible for Social Security benefits.
- If you have dependent children, they may also be eligible for benefits.
- If you are receiving a pension from a job where you did not pay Social Security taxes, your benefits may be reduced.
- If you have other substantial income, you may have to pay taxes on a portion of your Social Security benefits.
If you are age 70 or older and you are not yet receiving Social Security benefits, you should apply now. You will receive your full benefit amount, and your benefits will be protected from inflation. You can also continue to work and receive benefits at the same time.
Frequently Asked Questions
Q: How much will my Social Security benefits be?
A: The amount of your Social Security benefits will depend on your earnings history. You can estimate your benefits using the SSA’s online calculator: www.ssa.gov/planners/retire.
Q: Can I receive benefits if I am still working?
A: Yes, you can receive Social Security benefits even if you are still working. There is no requirement that you retire in order to receive benefits.
Q: What if I have other income?
A: If you have other substantial income, you may have to pay taxes on a portion of your Social Security benefits.
Q: What if I have a pension?
A: If you are receiving a pension from a job where you did not pay Social Security taxes, your benefits may be reduced.
Q: How do I apply for benefits?
A: The easiest and most convenient way to apply for Social Security benefits is online at www.ssa.gov/applyforbenefits. You can also apply by phone at 1-800-772-1213 or in person at your local Social Security office.
The chart below explains how delayed retirement affects your benefit. Your date of birth and the number of months you postpone the start of your retirement benefits determine how much more you will receive. If you start receiving retirement benefits at age:
If you choose to postpone retiring, remember to enroll in Medicare by the time you turn 65.
Even if you keep delaying receiving benefits, your monthly benefit stops growing when you turn 70.
All of your monthly benefit is yours if you begin receiving benefits at age 66. Your monthly benefit will increase if you wait to start receiving retirement benefits until after reaching full retirement age.
You can claim your retirement benefits now. The best and easiest way to apply is with a personal my Social Security account. You can create your free account on our website. Once you create your account, you can get an estimate of how much you might receive each month based on when you want to start receiving benefits and then apply.
Even after you begin receiving benefits, your earnings can increase the amount you receive each month. This is something you may not be aware of if you continue to work. Each year that you work, we check your earnings record. It’s possible that your most recent year of earnings ranks among your top 35 years. If so, your benefit amount will be automatically adjusted, and any applicable increase will be paid to you.
Retirement is not one-size-fits-all. It can mean different things to different people. Perhaps you have not applied for Social Security retirement benefits because you’re still working or are delaying applying so you can get the higher benefit. If you’re age 70 or older, you should apply now for the benefits you’re owed. Your benefits will not increase if you continue to delay applying for them because you are 70 or older.
We’re here to help you secure today and tomorrow and we invite you to learn more about applying for retirement benefits on our website. Please share this blog with your friends and family – and post it on social media.