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At 70 we max out the most that we can get from SS, is that correct?

by Tony F.
(Lexington, KY)

I've been waiting until I turn 70 to start drawing on my SS. This way, I can get the most. Am I correct? For example, I will turn 70 in Sept. 2021. On the day after my birthday, I plan to file for SS. Is this the best Plan?


Wendy: Call Social Security and ask for yourself. They can pull up your account and answer specifically based on you --
1 (800) 772-1213

Comments for At 70 we max out the most that we can get from SS, is that correct?

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Signing up for Social Security
by: Janice/Missouri

If you want to receive your Social Security at 70 and your birthday is Sep you need to sign up
Fast. When you sign up on line it will ask you when you want to receive your first check...so you could sign up several months before your birthday. Signing up on line takes less than 30 minutes.
Max out the most you can get from retirement SSI / SSD
by: William, Kailua Kona

You work for an SSI retirement; but you sign-up for SSD because it pays you more. Aside from that; businesses consider you're a disability at 55yrs than an asset.
per month, yes
by: nick/pa

Your full retirement age is somewhere between 65 and 67 depending on your birth date. You'll max out your periodic (monthly) income at 70. Your total amount obviously depends on how long you live. If you sive until 71, your total social security income will be less than if you took it starting at 62. If you live to be 90, you'll get more total from waiting until 70. Most advisors will advise doing just what you did if you can.
Its you choice
by: Ed McCormick Fulton NY

The men in my family have all died fairly early in there 50's or 60's. So I decided why wait, I can afford to retire at 62 and have no regrets, I can take a good share of my 401 and supplement my ss.

I based this on ifo I read in 2015 when I decided to retire, don't regret it. This info was as follows:

Claiming Social Security at 62 means subjecting yourself to the maximum reduction in benefits you can face. If your FRA is 66, filing at 62 will constitute a 25% hit to your benefits. If your FRA is 67, signing up at 62 will leave you with a benefit that's 30% lower. But despite the hit you might face initially, claiming Social Security at 62 makes sense for one big reason: You're not betting on your own longevity.

Social Security is actually designed to pay you the same lifetime total regardless of when you first start collecting benefits. Signing up at age 62 will shrink your payments on a monthly basis, but you'll also get a larger number of individual payments. Meanwhile, filing at FRA or later will give you more money from Social Security each month, but fewer payments. You should break even in your lifetime if you wind up living an average life expectancy. But what if you don't?

Without a crystal ball, it's impossible to predict your own life span. While you may end up living well into your 80s or beyond, health issues might creep up in your late 60s or early 70s that shorten your life expectancy tremendously. The benefit of signing up for Social Security at 62 is that you get your money as soon as you're eligible, and you're not taking on the financial risk of dying at a relatively young age.

Of course, if you do end up living an extra-long life, filing for Social Security early could mean getting less income from the program all-in. But can you really afford to bank on that happening? If you claim your benefits at 62, you'll have access to your money right away, and you won't spend a good part of your 60s wondering whether you're making a mistake by holding off.

Wendy: WOW, good thoughtful explanation on how some win, some lose but the program is designed to give you what you earned. It's your choice to take less/month for a longer period of time (hopefully), or more/month if you wait because it's possible you will draw for a shorter period since you are older.

One issue -- if you aren't working, you MUST take Medicare at 65 and pay the premium. Otherwise you risk a lifelong penalty, and that is why I say Call SS and get it from the horse's mouth.
Social Security at 70
by: Pam H/Las Vegas

Yes, this is correct. As Wendy suggested contact the SS office as soon as possible. You want to make sure that you let them know your payment should start on your 70th birthday since you want to start the process before you turn 70.
Retired teacher
by: Ann/tn

I opted to start my Social Security at 62 I calculated how much I would earn between 62 and full benefit age of 66.7 and then max of 70 —I decided I would have to live 6-8 more years to get to recommend retirement age and eight to get to 70 the max after that it would take me 12 to 14 years to make up the amount that I have gotten in the years between 62 and 66.7-70.

My husband is still working part time and hopes to wait until 70 to start SS— everyone has to do what works best for them—I have two friends who after working 35 and 40 years did not live to get any of their Social Security. I think that influenced me also.
Read some books on the subject
by: Michael - Upstate NY for the summer!

Educate yourself. Go to the library and read some books on Social Security benefits. Don't rely on the person at the Social Security Office. Knowledge is power.
Call might work. Eventually
by: Hopeful

My husband and I tried that. The person who answered was nearly impossible to understand and hardly understood the question. When that message was finally communicated, she could not access his account either!

We had already tried to by using the online account. It so, he now has an appointment for a telephone call from someone at SS who supposedly will be able to find the info.

First available appointment: mid-October!

We took it.

Good luck?

Wendy: GUess I am not surprised based on all businesses that are short-staffed nowadays. So sorry! Glad you got an appointment so they are looking at your account and can answer specific questions for you.
SS Benefits
by: John A / Tyler, TX

I retired at 57 years of age. At 62, I started taking reduced SS benefits. I already had a nice pension from my employer.

If you put pencil to paper and do the math, the cross over point where total benefits received at 62 vs 65 years of age will be around 76-79 years of age.

If had waited until 70, the total benefits received over time would be much less than taking it at 62; though the monthly benefits would be greater if I waited until 65 or 70. I grabbed the benefits when I could get them.

The SS Administration banks on people waiting to file for benefits at 65 or 70 since the total payout is a lot less because many people die in their 70s. Keep in mind we are only actuarial numbers to the SS Admin.

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