What happens to your benefit amount if you delay claiming until 70

If you wait to claim Social Security until age 70, your monthly benefit will be significantly larger than if you had claimed at your full retirement age. The Social Security Administration adds what it calls delayed retirement credits to your account for each month you do not claim between your full retirement age and age 70. These credits increase your benefit by roughly 8 percent per year, though the exact percentage depends on your birth year.

For example, if your full retirement age is 67 and your benefit at that age would be $2,000 per month, waiting until 70 would increase it to approximately $2,480 per month. That extra $480 per month continues for the rest of your life, and if you are married, your spouse may also receive a higher benefit based on your record. The longer you live, the more total money you receive by having waited.

You cannot earn delayed retirement credits after age 70, so there is no financial advantage to waiting past that age. At 70, your benefit reaches its maximum under current law, and claiming at 71 or later would give you the same monthly amount as claiming at 70.

Key Takeaways

  • Delaying your claim from your full retirement age to age 70 increases your monthly benefit by roughly 24 percent, depending on your birth year.
  • You earn delayed retirement credits only between your full retirement age and age 70; waiting past 70 does not increase your benefit further.
  • The higher monthly amount you receive at 70 continues for your entire life and affects any benefits your spouse or ex-spouse may receive based on your record.
  • Whether waiting until 70 makes financial sense depends on your health, family longevity, and whether you need the income now.
  • You must have reached age 62 and have a Social Security account to be may be able to access to claim at any age, including 70.

How delayed retirement credits are calculated by birth year

The percentage increase you receive for each month of delay depends on when you were born. People born between 1943 and 1954 receive an 8 percent annual increase (roughly 0.67 percent per month). People born in 1955 receive 7.5 percent per year. The percentage continues to decrease slightly for those born in later years, reaching 7 percent per year for people born in 1960 or later.

To find your full retirement age and the exact credit rate that applies to you, check your Social Security statement, which the agency mails to you each year if you are not yet claiming. You can also create an account at ssa.gov to view your statement online. Your statement shows your estimated benefit at your full retirement age and at ages 62 and 70, so you can see the actual dollar amounts rather than percentages.

The break-even point: when waiting until 70 pays off

Waiting until 70 means you receive no benefits for several years after your full retirement age. Whether that trade-off makes sense depends on how long you live. Financial advisors often refer to a "break-even age" — the point at which the total money you have received by waiting catches up to the total you would have received by claiming earlier.

For someone with a full retirement age of 67, the break-even age is typically in the early 80s. If you claim at 67, you receive smaller monthly checks for three years before age 70. If you wait until 70, you receive nothing for those three years, but then your larger checks begin. Around age 82 or 83, the cumulative total from waiting usually exceeds the cumulative total from claiming at 67. After that point, you come out ahead financially by having waited.

This calculation is personal and depends on your individual benefit amount, your health, and your family history. If you have reason to believe you will live into your 80s, waiting until 70 often results in more total lifetime income. If you have health concerns or your family history suggests a shorter lifespan, claiming earlier may make more sense.

How waiting until 70 affects your spouse and ex-spouse

If you are married, your spouse may be able to receive a benefit based on your work record. If your spouse has not yet claimed, the amount they can receive is limited by your Primary Insurance Amount — the benefit you would receive at your full retirement age. By waiting until 70 and increasing your Primary Insurance Amount, you also increase the maximum benefit your spouse can receive.

The same rule applies if you are divorced and were married for at least 10 years. Your ex-spouse's benefit is calculated based on your Primary Insurance Amount, so waiting until 70 increases the amount they can receive as well. However, your ex-spouse's decision to claim does not affect your benefit, and your decision to wait does not prevent them from claiming on your record.

What you need to know about working while waiting until 70

You can continue working while you wait to claim Social Security at 70, and your earnings do not reduce the delayed retirement credits you earn. However, if you claim before your full retirement age and continue working, the Social Security Administration will reduce your benefit by $1 for every $2 you earn above an annual limit. That limit changes each year; in 2024 it is $23,400, but you should check the current year's limit on ssa.gov.

Once you reach your full retirement age, you can earn as much as you want without any reduction to your benefit. This means you can work full-time, claim at your full retirement age or later, and receive your full benefit amount without any earnings test applied. Many people use this strategy to delay claiming while continuing to earn income.

How to claim at age 70

You can claim Social Security at 70 by creating an account on ssa.gov and submitting your claim online. The process takes about 15 minutes. You will need your Social Security number, date of birth, and direct deposit information for your bank account. You can also call the Social Security Administration at 1-800-772-1213 to claim over the phone, or visit your local Social Security office in person.

You should claim a few months before you turn 70 rather than waiting until the month you turn 70. This gives the agency time to process your claim and ensures your first payment arrives on schedule. If you claim in the month you turn 70, your first payment may be delayed by a month or two.

Frequently Asked Questions

Can I change my mind after I claim at 70?

Yes, but only within a limited window. If you claim at 70 and then change your mind within 12 months, you can withdraw your claim and stop receiving benefits. You must repay all the benefits you received, and your benefit will return to what it would have been if you had not claimed. After 12 months, you cannot withdraw your claim.

What if I claim at 70 but die before the break-even age?

Your family members may receive survivor benefits based on your work record. Your spouse, ex-spouse, and children under 19 (or 19 if still in high school) may be may have access to to benefits. The amount they receive is based on your Primary Insurance Amount at the time of your death, which includes any delayed retirement credits you earned.

Does waiting until 70 affect Medicare?

No. Medicare may be able to access is separate from Social Security and begins at age 65 regardless of when you claim Social Security. You should enroll in Medicare at 65 even if you do not claim Social Security until 70. If you do not enroll in Medicare Part B at 65, you may face a permanent penalty when you do enroll later.

What if my full retirement age is older than 67?

The delayed retirement credit calculation is the same — you earn credits from your full retirement age until 70. If your full retirement age is 67, you earn credits for three years. If your full retirement age is 68 or 69, you earn credits for two or one year respectively. The percentage increase per year depends on your birth year, not your full retirement age.