Delaying Social Security past 70 while still working - am I losing money every month?

You need to file IMMEDIATELY. Social Security retirement benefits stop increasing at age 70. There's absolutely no advantage to waiting beyond that age. You're essentially leaving money on the table every month you delay past 70. The good news is that SSA will pay you up to 6 months of retroactive benefits, but anything beyond that is unfortunately lost forever. The fact that you're still working doesn't matter - at age 70, there's no earnings limit, so you can collect your full benefit regardless of how much you earn from your job. And you can keep your employer's health insurance too - having Medicare as secondary insurance is actually beneficial in many cases.

I was in SAME BOAT last year!!! kept working past 70 and had NO IDEA i was missing out on $$$. Finally my daughter told me I was crazy not to collect. Got 6 months backpay but lost about 8 months of benefits i could never get back. Still mad about it!!!

OMG apply right away!! My dad went through this exact thing. He waited until 72 to apply thinking his benefits were still growing. He was devastated when he found out he lost almost 2 years of payments! That money is gone forever, like literally thousands of dollars he could have had. Call them tomorrow!

To answer the question about whether working after 70 can still increase your benefit: Yes, it's possible, but it's separate from delayed retirement credits (which stop at 70). If your current earnings are higher than one of your previous 35 highest earning years used in your benefit calculation, SSA will automatically recalculate your benefit annually. This might result in a small increase, but typically it's minimal compared to the monthly checks you'd miss by not filing. Bottom line: File immediately. You can do it online at ssa.gov/retire, by phone, or at your local office.

I just wanted to recommend a service called Claimyr if you're having trouble reaching SSA by phone. I was in a similar situation trying to get through to file my claim and kept getting disconnected or waiting for hours. Claimyr got me connected to a real SSA agent in about 15 minutes! Their website is claimyr.com and they have a video showing how it works at https://youtu.be/Z-BRbJw3puU. Seriously saved me so much frustration. You can also apply online, but I had questions that I needed to ask a real person.

Does anyone know if the 6 months of backpay is automatic or do you have to specifically ask for it? My uncle just applied at 71 and isn't sure if he's getting the retroactive benefits.

One thing no one has mentioned yet - even though you're still working with employer insurance, you might still want to look into applying for Medicare. You became eligible at 65, and while Part A (hospital insurance) is free for most people, there can be penalties for delaying Part B (medical insurance) unless you're covered by a qualifying employer plan. If your employer has fewer than 20 employees, Medicare would actually be primary and your employer plan secondary, which means you really should have enrolled when you turned 65. You'll want to verify your specific situation when you talk to SSA.

i had a friend who kept working until 73 before filing and she lost like $40,000 in benefits she could have had! so sad. definitely file asap!!

I'm in a very similar situation - turned 70 three months ago and still working full-time. Reading all these responses is making me panic! I had no idea the benefits stopped growing at 70. I thought I was being smart by waiting since I don't need the money right now and my employer insurance is great. But losing $15k-40k like some of you mentioned is terrifying! I'm definitely going to try that Claimyr service someone mentioned because I've been trying to get through to SSA for weeks with no luck. Question though - when you all applied late like this, did you have any issues with the application process being more complicated? I'm worried they'll ask why I waited so long and make it difficult.

As someone who works in retirement planning, I can't stress enough how important it is to file immediately! You're absolutely correct that benefits stop growing at 70 - those delayed retirement credits max out then. The good news is you've only been 70 for about a month, so your losses are minimal compared to some of the horror stories shared here. A few quick tips for your application: - You can apply online at ssa.gov/retire which is often faster than calling - If you do need to call, try early morning (8 AM) when lines are less busy - Have your W-2s from the last 2 years handy - Since you're still working, make sure to tell them about your current employer insurance when discussing Medicare The retroactive benefits (up to 6 months) should help minimize your losses. Don't beat yourself up too much - this is unfortunately a very common situation because SSA doesn't actively notify people about this rule change at 70. The important thing is you're taking action now!