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 dont claim Social Security by 70.
Do You Get More Social Security Money if You Wait Past 70?
The short answer is no.
You wont increase yourSocial Security benefitsif you delay beyond age 70.
At full retirement age, youre eligible for your full benefit, also known as your primary insurance amount.
If you claim early, youll receive a reduced amount.
But you stop earning those delayed retirement credits once you reach age 70.
What Happens if You Dont Collect Social Security at 70?
Your benefits max out once youre 70.
Waiting wont result in bigger Social Security checks.
However, youll forfeit any delayed retirement credits you earned for those months.
Probably not as good as youd like.
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What if Im Still Working at Age 70?
If youre 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 havent worked 35 years, continuing to work would increase your benefits.
Regardless, you dont have to worry about reducing your benefit by working.
When Should You Apply for Social Security?
So if your birthday is in July, you could apply as early as April.
Your first payment would arrive in August.
You dont need to apply four months early, though.
It typically takes the Social Security Administration about six weeks to process a new software.
The fastest way to start your benefit is toapply online.
Should You Wait Until 70 for Social Security?
Choosing when to start Social Security is a big decision.
Financial planners often advise waiting as long as possible to maximize benefits.
But as of 2018, just 4.1% of men and 5.9% of women waited until age 70.
Theres no simple answer about when you should claim.
Of course, taking benefits sooner may be a necessity.
There are a lot of factors to consider before applying for Social Security.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…