Why You Should Never Delay Social Security Past Age 70
Key Points
Social Security retirement benefit amounts top out at age 70.
There's no system in place to "repay" any benefits you failed to collect.
Even if you don't need the money, there are plenty of good ways to put it to use.
- The $23,760 Social Security bonus most retirees completely overlook ›
If a little is good, a lot must be better, right? That may be true of knowledge, laughter, and friends, but it's not true of delaying Social Security. There are at least three good reasons waiting past age 70 to claim Social Security isn't in your best interest.
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1. You've already hit maximum retirement benefits
You've undoubtedly heard that postponing Social Security until age 70 is the best way to maximize your monthly benefits. For most people, full retirement age (FRA) is 67 -- the age at which you'll receive 100% of your Social Security retirement benefits. For every year you delay claiming Social Security between FRA and 70, your permanent monthly benefit increases by roughly 8%. For example, if you're scheduled to receive $2,000 per month at FRA, waiting until age 70 means receiving $2,480 per month.
However, that's the highest benefit you'll ever be eligible to receive. Waiting longer won't change that fact.
2. It's lost income
No matter how long you live, postponing Social Security past age 70 means receiving fewer benefits and less money. Let's say you decide to claim Social Security benefits for the first time at age 72. There's no system in place to repay you for the two "lost" years of income. Even if you have millions put away, it doesn't make sense to leave money on the table when there's no way to know what the future might hold.
3. There are smart and meaningful ways to use the funds
There's no rule saying you can't invest the money. And the best part is that you can invest it however you'd like. Whether that's by opening a new IRA or investing in a small business, it's your money to make the most of. If there's a charity you support, that money can also go into its coffers, helping it continue its mission.
Those who itemize their taxes have long been able to claim charitable contributions as an above-the-line deduction, so if you itemize, it's just a matter of adding your contributions to Schedule A (Form 1040). However, beginning with the 2026 tax year, you can take a limited charitable deduction even if you claim the standard deduction. As long as the contributions are made in cash, single filers can deduct up to $1,000 and married couples filing jointly may deduct up to $2,000.
No matter what you're doing at age 70 -- still working, running a business, or simply enjoying retirement -- it's a good idea to file for Social Security that year, as delaying in no way benefits you.
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