What Every 70-Year-Old Should Know About Social Security

Social Security retirement benefits are an important source of income for many. You become eligible for them at 62, but many people wait to start collecting. There are good reasons for that, including the fact that delaying your benefits claim can increase your monthly payment and future survivor benefits.

However, once you turn 70, things change, and you must understand the new rules that are in effect because the decisions you make could have a huge impact on your retirement income. Here are a few key things you need to know about Social Security at 70.

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1. You can no longer earn delayed retirement credits

The first and most important rule that you must be aware of is that you cannot earn delayed retirement credits anymore once you have turned 70.

Delayed retirement credits increase your monthly benefits after you have reached your full retirement age. FRA is 67 for anyone born in 1960 or later. If you reach FRA and you wait longer to start your benefits, then your primary insurance amount increases by 2/3 of 1% per month that you delay. That adds up to an 8% benefits bump each year.

However, delayed retirement credits can no longer be earned once you have turned 70. You have maxed them out. If you delay any further, you will not increase your Social Security checks at all because of it. So as long as you are eligible for benefits, there is no reason to wait to claim them at this point.

2. You still may be unable to live on your Social Security even though you maxed it out

The good news about waiting until 70 to claim Social Security is that you have maxed out your benefits. The bad news is, they are probably still not enough to live on.

Many seniors who delay their benefits claim do so because they want more money from Social Security -- often because they have too little in their retirement plans. But while you can undoubtedly increase your monthly payment substantially by delaying, it is still very unlikely to be enough to live on.

The average Social Security benefit was $2,071 as of January 2026. While you can increase that benefit by delaying your claim until 70, it would still total only $2,568 after earning your maximum 24% benefits bump if your FRA is 67.

For most people, that is not enough to live on. You should keep that in mind and make sure your retirement plan includes investments to supplement Social Security, even if you plan to delay your claim.

3. You can work as much as you want while collecting benefits

Finally, you should be aware that when you are 70, you are allowed to work as much as you want and your Social Security benefits will not be reduced or withheld because of it. While a retirement earnings test can result in a temporary forfeiture of benefits if you work and have claimed Social Security before your full retirement age, this is no longer the case by age 70.

While it may be harder to find work at 70, if you need to do so because it turns out Social Security doesn't stretch far enough, you don't have to worry about any of your monthly Social Security benefit disappearing. In fact, this is no longer a concern at FRA, as the rules change then.

This is one of several big benefits of waiting for a Social Security claim. If you haven't started your benefits yet, consider making 70 your preferred claiming age.

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