Social Security Administration advises claiming benefits at 70
Updated
Updated · GOBankingRates · May 4
Social Security Administration advises claiming benefits at 70
11 articles · Updated · GOBankingRates · May 4
The agency says delayed retirement credits, which raise payments by about 8% a year, stop at 70, so waiting longer means forfeiting monthly income.
People can still receive Social Security while working, and higher post-claim earnings may lift benefits if they replace one of a worker's 35 highest-earning years.
The guidance comes as older Americans stay in the workforce longer, though extra income can also increase taxation, with up to 85% of benefits potentially subject to tax.
Can working past age 70 actually shrink your net income due to hidden taxes on Social Security?
Why does Social Security stop rewarding delayed benefits at age 70, even if you continue to work?