Is delaying Social Security benefits until 70 worth it if I'm still working at FRA?
I'm turning 67 in four months and still working full-time as an office manager (no plans to retire soon since I enjoy my job). My financial advisor suggested I should postpone taking Social Security until I hit 70 to maximize my monthly benefit amount. Apparently, it increases by 8% per year after FRA? That sounds good in theory, but I'm wondering if this is actually common practice or if most people just take benefits at their full retirement age even if they're still working? Does the extra 24% in benefits really make up for 3 years of no payments? My estimated benefit at FRA is $2,850/month. I've read conflicting advice online and would appreciate hearing from people who've actually made this decision.
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Mason Lopez
I delayed until 70 and it was absolutely the right choice for me. My monthly check is substantially larger than if I'd taken it at 66 (my FRA). The 8% per year increase is guaranteed - you won't find that kind of return anywhere else with zero risk. If you're still working and don't need the money now, delaying is mathematically advantageous as long as you live past around 82-83, which actuarial tables suggest most people will. Your $2,850 would grow to about $3,534 at age 70. That's an extra $684 EVERY month for the rest of your life.
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Demi Lagos
•Thanks for sharing your experience. Did you factor in taxes when making your decision? I'm concerned that since I'm still earning income, my SS benefits would be heavily taxed if I took them now anyway.
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Vera Visnjic
took mine at 62 no regrets!! why wait when you could die tomorrow?? government already has enough of my money lol
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Mason Lopez
•This is a common perspective, but statistically it's not optimal for most people. The break-even age is typically early 80s, and average life expectancy for someone who's already reached their 60s is well beyond that. Social Security planning should be based on probability, not fear.
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Jake Sinclair
I'm in exactly the same boat! Turned 67 last month, still working as a teacher, and trying to decide whether to wait until 70. My husband took his at FRA and thinks I should too, but our financial guy says wait. It's so confusing because nobody seems to agree on what's "best." Does anyone know if there are actual statistics on how many people delay vs. take it at FRA? Are we outliers for even considering waiting???
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Brielle Johnson
•According to SSA data, only about 5% of people delay claiming until age 70. However, many financial planners consider this a mistake. Studies from the Financial Research Corporation show that for married couples especially, having at least the higher earner delay can significantly improve lifetime household benefits. The strategy you're considering (delaying to 70 while working) is optimal from a pure math perspective, but personal circumstances matter too.
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Honorah King
My neighbor is a retired SSA claims specialist, and she always says that if you're still working at FRA and don't need the money, waiting until 70 is a no-brainer. She calls it "free money" because that 8% annual increase is guaranteed and inflation-protected. But I think it really depends on your health and family history. My dad died at 72 so I took mine early.
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Demi Lagos
•That's helpful perspective. My parents both lived into their 90s, so longevity is on my side. I guess that's another factor that makes waiting more attractive in my situation.
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Oliver Brown
Has anyone actually tried calling SSA to discuss this directly? I tried for WEEKS last year when deciding about my benefits and could never get through. Kept getting disconnected or told the wait time was 2+ hours. So frustrating!!
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Mary Bates
•I had the same problem until I found this service called Claimyr that got me through to an actual SSA agent in about 20 minutes. Saved me hours of frustration. They basically wait on hold for you then call you when an agent is ready. I used it when I needed to ask specific questions about how my pension would affect my wife's spousal benefits. Check out their demo at https://youtu.be/Z-BRbJw3puU or just go to claimyr.com. It was seriously a game-changer after spending days trying to get through on my own.
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Vera Visnjic
my brother waited til 70 and then got cancer 6 months later!!! only got 2 checks before he passed. big mistake!!!!!
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Jake Sinclair
•I'm so sorry about your brother. That's my biggest fear with waiting. You just never know what might happen.
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Brielle Johnson
There's a critical factor many people overlook in this decision: if you're still working at FRA, your Social Security benefits aren't subject to the earnings test anymore. This means you can collect full benefits regardless of how much you earn. However, those benefits may be subject to income tax if your combined income exceeds certain thresholds. From a purely mathematical perspective, delaying until 70 provides valuable longevity insurance. Each year you delay past FRA increases your benefit by 8%, which is significantly better than most risk-free investments. This increase is permanent and includes all future COLAs. One strategy worth considering: if you're married and your benefit is substantially higher than your spouse's, delaying yours to 70 also maximizes any potential survivor benefit. This creates valuable protection for your spouse if you predecease them.
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Demi Lagos
•This is really informative, thank you! I'm not married, so the survivor benefit isn't a factor for me. I think what I'm gathering is that mathematically, waiting makes sense if I expect to live past my early 80s, which seems likely given my family history. The tax consideration is important too - I hadn't fully factored that in.
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Mary Bates
I waited until 70 and it worked out great for me. If you're still working and don't need the money now, waiting gives you a guaranteed return that you can't get anywhere else. Just remember that while only 5% of people wait until 70, most financial experts recommend it if you can afford to wait. Have you checked what your benefit would be at 70 using the SSA calculator? Those extra 3 years really add up! I tried calling SSA to discuss my options before deciding, but got frustrated with the wait times. Eventually used Claimyr (claimyr.com) to get through to an agent who answered all my questions. Their video at https://youtu.be/Z-BRbJw3puU shows how it works. Made a huge difference in my understanding of my options.
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Demi Lagos
•I've been meaning to talk directly with SSA but kept putting it off because of the horror stories about wait times. I'll check out that service - having my specific questions answered would definitely help me make a final decision. Thanks!
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Vera Visnjic
why is everyone saying wait??? take the money NOW! government changes rules all the time who knows what will happen in 3 years
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Brielle Johnson
•While benefit rules could theoretically change, major reductions to earned benefits for people near retirement age would be politically unprecedented. Historically, when Social Security reforms occur, they almost always grandfather in people close to retirement. The 8% per year delayed retirement credit is built into current law and is extremely unlikely to change for someone already at FRA.
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Mason Lopez
One aspect you should consider is that your decision doesn't have to be all-or-nothing. Some financial planners suggest a middle-ground approach: file for benefits at FRA but suspend payments until a later date (up to age 70). This gives you flexibility - you can request retroactive benefits (up to 6 months) if your circumstances change, while still earning delayed retirement credits on future payments. Just something to consider if you're on the fence.
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Demi Lagos
•That's a really interesting option I hadn't considered. Having that flexibility would be valuable in case my work situation changes or I have unexpected expenses. I'll definitely look into the voluntary suspension option. Thank you!
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Jake Sinclair
Has anyone calculated exactly how long you need to live to break even if you wait from 67 to 70? I keep getting confused trying to do the math.
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Brielle Johnson
•The basic break-even calculation is straightforward: For a $2,850 FRA benefit, waiting until 70 means forgoing about $102,600 (36 months × $2,850) but gaining about $684 extra per month thereafter (24% of $2,850). Dividing $102,600 by $684 gives you approximately 150 months, or 12.5 years. So you'd break even around age 82.5. Every month beyond that, you're coming out ahead by delaying. This calculation doesn't account for inflation, cost-of-living adjustments, or potential investment returns, which could adjust the break-even age slightly.
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