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Age 70 – Maximum Social Security Benefits

Jan 24, 2023 | Retirement, Life Events

Congratulations on your milestone birthday! Age 70 is Social Security’s maximum retirement age. Once you reach age 70, there’s no further advantage to delaying your Social Security retirement benefit claim. SageVest Wealth Management discusses maximum Social Security benefits here.

Maximum Social Security at Age 70

You can begin claiming Social Security retirement benefits as early as age 62. Alternatively, you can elect to delay benefits beyond your Full Retirement Age (FRA) in order to increase future monthly payments, or as late as age 70 to fully maximize your benefit potential.  For each year beyond your FRA that you delay receiving your benefits, your benefit amount increases by approximately 8% per year.  Beyond age 70, there’s no additional benefit accrual. Therefore, while you aren’t compelled to claim Social Security at age 70, not doing so will actually cause you to forfeit Social Security benefits.

How to Commence Benefits

Contact your local Social Security office in advance of your 70th birthday. Planning ahead is especially important if you have a government pension and may be subject to a pension offset or the windfall elimination provision.

If your 70th birthday already passed and you’re not yet collecting benefits, make a claim as soon as possible. Every month that passes is a month you’re missing out on receiving benefits. The Social Security Administration will pay up to six months of benefits retroactively.

Please contact us for more information about our retirement planning services, and deliberations on when to commence your Social Security benefits.

Prepared by SageVest Wealth Management. Copyright .
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