Skip to content
Home » Valentine's Day » Social Security: Benefits to claiming at age 70

Social Security: Benefits to claiming at age 70

Choosing what age to retire at is a major decision people will make in their lives.

social security card and cash from benefit payments

Your age of retirement determines how much you will make each month once you collect Social Security benefits.

By collecting at age 62, the earliest you can, you can see up to 30% less per month.

Full retirement age, which is 66 or 67 depending on your year of birth, will give you your full benefits you are entitled to.

SS payments of $1,657 go out in 4 days

By waiting until age 70, your benefits can rise by 24% to 32%. By waiting until that age and collecting a larger amount, that is what you’ll see for the rest of your life.

There are three major parts of life that can benefit greatly if you wait to collect Social Security at age 70

Paying for your housing can be expensive, even if you already paid your mortgage off before retirement.

This does not mean you don’t need to still pay for your property taxes, homeowners insurance, or ongoing maintenance.

SS limits and payment amounts for 2022

By collecting as much as possible when you retire, you can afford these things more easily.

Another benefit to collecting a larger payment is the ability to afford and maintain a vehicle.

This is especially helpful if you live in an area without public transportation.

Social Security: One state works to repeal taxes

Finally, the larger benefits will prove useful for healthcare costs in retirement.

The average retiree ends up paying $300,000 for healthcare between their retirement and death.

Making more each month is going to help with the cost of prescriptions, treatment, and medical procedures.

Categories: News