Yes, you can collect Social Security past the age of 70, and doing so can even lead to higher benefits.
The age at which you can claim social security benefits varies, with the earliest age being 62. However, it's important to note that claiming before your full retirement age results in permanent reduced benefits. For anyone born in 1960 or later, the full retirement age is 67.
Delaying your social security claim past your full retirement age can potentially offer financial advantages. Each year you delay past your full retirement age increases your benefits by 8%. This means that claiming social security at 70 could result in a significant increase in your monthly benefit amount compared to claiming earlier.
However, it's crucial to remember that after age 70, the accrual of delayed retirement credits stops. This means that delaying beyond 70 offers no further financial advantage. In fact, claiming social security at 70 or older may lead to a smaller total payout if lifespan is not long.
On the other hand, social security will pay up to six months of retroactive benefits if a claim is made by 70 1/2. This means that if you decide to delay your claim until 70, you will still receive benefits for the months you were eligible but didn't claim.
It's also worth noting that filing for benefits after turning 70 doesn't have any negative impact. In fact, it's allowed and can be a strategic decision for some individuals.
When deciding when to claim social security, it's essential to consider factors such as maximizing your lifetime monthly income, accounting for your personal health and life expectancy, and the need for income stability in advanced age. It's also important to be honest about your family and health history when making a decision, as this can impact your lifespan and, consequently, your social security benefits.
In conclusion, while delaying your social security claim past your full retirement age can potentially increase your benefits, it's important to carefully consider your personal circumstances before making a decision. It doesn't pay to wait on social security past age 70, but it might be beneficial to claim earlier if health issues or family history suggest a shorter lifespan. As always, it's recommended to consult with a financial advisor or the social security office for personalized advice.
