You can wait until you are 70 to claim Social Security benefits, and you can increase your payments significantly. Whether you should do it depends heavily on your life expectancy.
There are not many guarantees when you retire. One of the few is the regular monthly social security checks as long as we live. Yes, even if you’re a few decades away from retirement, Social Security is still there for you.
However, while monthly profits are guaranteed, a certain amount is not guaranteed. How much we get depends in part on our choices, both when we work and when we sign up. The problem is that we are not always aware of all the options available to us, and that can lead to missed valuable opportunities to increase our profits.
In particular, there is one move that can significantly increase Social Security benefits, but only one in ten can do this. It’s not right for everyone, but it may be the ticket to the biggest check possible.
Consider waiting until age 70 to assert social security
You probably already know that the more you make in your year of work, the less you earn, the less you’re than your taxable wage base ($176,100 in 2025) will your social security benefits be retired. However, this is not the only factor that affects the check.
The age you claim is also important. You will be eligible for benefits when you turn 62, but the Social Security Administration considers you an early claim when you sign up, reducing your monthly retirement benefits by up to 30%. If you want to avoid this, you will need to wait until your full retirement age (FRA) to apply. If born after 1960, this is 67. Some older people have low FRAs.
However, there is no need to apply for FRA. You can delay benefits and checks continue to grow until you reach 70. The difference is quite important as an additional 8% is added to the check each year.
If you are eligible for a $2,000 monthly benefit at 62 and have a 67-year-old FRA, you can wait until your 70 gives you $3,543 per month. This does not include cost-of-living adjustments (COLA), so the actual benefits you get at 70 are probably higher.
A study by the Nonprofit National Economic Research Bureau found that over 90% of Americans earn the greatest lifetime benefits by waiting until 70 people sign up. But only about 10% do this in practice, and the reason is complicated.
Why aren’t more people waiting until 70 to claim social security?
There are two main reasons why most people argue social security before 70, even if that means accepting less lifelong benefits.
1. They can’t afford to wait that long
Some people can’t afford to cover their living expenses up to 70, especially if they don’t save as much as they wanted during their year of work. When you weigh the benefits of lifelong social security against falling deep into debt, the less lifelong benefits are less among the two evils.
If you want to maximize your Social Security benefits, but are worried that you may not be able to delay your application for that long, you may need to delay your retirement until you are ready to apply. Or, if possible, you can try to throw away more money today to retire.
If that’s not enough, you can delay Social Security for months or years, rather than waiting until 70. Every month, you wait for your check to apply forever, so you can make your profit a meaningful boost.
2. They have a short life expectancy
Those with short life expectancy may earn a greater lifetime benefit by making an early claim by waiting until 70 is applied. Personally and family, if you have a terminal illness or poor health history, you may prefer to sign up early rather than risking that you might die before reaching 70.
In this case, if you make an early claim, please note that after your death, your spouse may be considered eligible. This is not the benefit of a spouse that you may qualify for while you are alive. If you are worried that your spouse will be heavily dependent on survivor benefits, you may prefer not to sign up for Social Security so that your spouse can earn more money later. After passing, if you are over 60 years of age (or over 50 if you are disabled) or caring for a minor or disabled child, you will be eligible for monthly survivor benefits. They must provide the Social Security Agency with a copy of your death certificate and documents to prove your relationship with you.
Trying to estimate your life expectancy and your retirement budget can be a little overwhelming to determine your optimal billing strategy. However, it is important to remember that even if you haven’t applied yet, there is time to change your mind. If changes to your health or finances occur, you can revisit the age you claim whenever necessary.
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