Why I Changed My Mind About Claiming Social Security at 70

Quick Read

• Social Security benefits grow 8% per year past full retirement age (67), maxing out at age 70 for the largest possible monthly checks.

• Claiming before 70 lets retirees enjoy benefits while health is better, avoiding the risk of declining mobility or illness later.

• Delaying until 70 requires either continued employment or substantial savings to bridge the income gap, which isn’t realistic for everyone.

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Age 70 is certainly not the most popular age to sign up for Social Security, and the reason is simple: most people don’t want to wait that long.

You’re allowed to file for Social Security at any point once you turn 62. If you wait until full retirement age (FRA), which is 67 for anyone born in 1960 or later, you’ll get your monthly benefits without a reduction, whereas signing up prior to FRA results in reduced monthly checks for life.

If you delay your claim past FRA, though, your Social Security benefits will increase 8% per year you hold off, up until you turn 70. So if you don’t need your Social Security benefits right away, waiting could pay off big time.

For many years, I was convinced I’d claim Social Security at 70. But now, I’m not so sure.

Filing earlier could benefit you in other ways

A big reason I’m not as inclined to claim Social Security at 70 is that a lot of people find themselves in decent health in their early or mid-60s. But by 70, mobility can decline and other health issues can arise. I’m not sure I want to take that chance.

I do realize that filing for Social Security at 70 results in larger checks, and that the financial stability that provides is nice. But I also don’t want to miss out on the opportunity to maximize better health.

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Furthermore, I’m not sure I’d be comfortable delaying Social Security until age 70 without a job to tide me over during that time. But I don’t know what the job market will look like, or what my field specifically will look like. And if I can’t work past my early 60s, I’m not sure I’ll want to delay Social Security beyond that point.

Put a lot of thought into the decision

It’s easy to assume that claiming Social Security at 70 is the smartest bet since it clearly results in the largest monthly checks. But waiting to get that money could mean missing out on ways to better enjoy it.

Also, you can’t just assume you’ll have a steady income source that allows you to hold off on Social Security until 70. If you can’t continue to work in some capacity, you’ll probably need a nice amount of savings to bridge that gap. And while building a large nest egg may be doable for some people, it does require discipline.

Since I’m not close to being eligible for Social Security, I don’t necessarily have to make a decision on my filing age today. But it’s a good idea to think through options ahead of retirement. And as of now, I’m not inclined to wait until age 70 to file for Social Security.

You may want to change your mind, too, depending on your savings level, ability to work, and health, among other things. Be sure to look at the big picture, and feel free to change your tune several times over before landing on a decision. You wouldn’t be the first person to do that in the context of Social Security.

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