Search results
Results From The WOW.Com Content Network
If your 70th birthday is approaching and you haven't started your Social Security benefits yet, you've reached ultra-elite status. Just 6.5% of new Social Security recipients are 70 or older.
Because you are age 70 or older, you should apply for your Social Security benefits. You can receive benefits even if you still work. Waiting beyond age 70 will not increase your benefits. Now is the time to claim what you’ve earned. You can claim your retirement benefits now.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Perhaps you have not applied for Social Security retirement benefits because you’re still working or are delaying applying so you can get the higher benefit. If you’re age 70 or older, you should apply now for the benefits you’re owed.
Only 6.5 percent of Social Security recipients delay collecting their benefits until they reach age 70. (For most people, this is the age at which you can collect the maximum benefit.) Now that you're about to join this group, knowing when and how to claim these benefits is key.
Most people can get Social Security retirement at 62, but they typically can't get 100% of their benefits until 67. At age 70, they get 124% of their benefits.
For each year you delay claiming Social Security past your full retirement age, your benefits grow by 8% — but after age 70, there are no further increases.
The minimum age to begin benefits is 62, but Social Security reduces your monthly payment by a fraction of a percent for each month before the FRA that you claim. Someone born in 1961 who starts benefits in 2023 will get as little as 70 percent of their full monthly benefit. That reduction is permanent.
When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits. If you decide to delay your retirement, be sure to sign up for Medicare at age 65. In some circumstances, medical insurance costs more if you delay applying for it. How Delayed Retirement Affects Your Social Security Benefits
You can start your retirement benefits as early as age 62 or as late as age 70. If you’re preparing to apply for retirement benefits, knowing when you’re eligible to apply and how the system works are the first steps in choosing what age is right for you.