Is waiting until 70 to switch from Survivor benefits to my own Social Security worth it beyond the increased amount?

The biggest advantage is definitely the 8% per year increase in your benefit amount. But there are some other considerations too. If you switch to your own benefit at 70, that maximum benefit becomes the basis for any future COLAs, so all future increases will be calculated on a larger base amount. Also, if you were to remarry, you'd still keep that maximized benefit regardless of your new spouse's earnings. I held out until 70 after collecting survivors and it was definitely worth it - my monthly check is nearly $1,250 more than if I'd switched at FRA.

my sister did this exact thing and said it was worth waiting. i think she gets like $800 more per month by holding out til 70.

There actually are a few other benefits to waiting until 70 that people often overlook: 1. If you live a long life, the total lifetime benefits will be significantly higher. Break-even point is typically in your early 80s. 2. Survivor protection - if you remarry, your new spouse could potentially receive survivor benefits based on your maximized benefit amount if you predecease them. 3. Less of your benefit may be subject to taxation depending on your other income sources in retirement. 4. Protection against longevity risk - the higher benefit serves as insurance against outliving your other resources. One clarification though - you mentioned your benefit is "now higher" than your survivor benefit. Just to make sure: Are you comparing your CURRENT own benefit to your survivor benefit, or your projected age-70 benefit? Because if your own benefit is already higher now, you might want to switch immediately rather than continuing on survivors.

i switched from survivors to my own at 66 and kind of regret not waiting til 70. didnt realize how much more i couldve gotten!

Is anyone gonna point out that this might not be the best strategy for EVERYONE?? If you have health issues or family history of dying young, waiting till 70 could mean you NEVER GET BACK the money you could have had earlier!!! Also, if you NEED the money now for medications or housing or whatever, then all this "waiting for more later" doesn't help you TODAY!!!! I'm so tired of one-size-fits-all advice about Social Security that ignores REAL LIFE SITUATIONS!!

Another advantage no one mentioned: If you're still working while collecting survivors (as you mentioned you are), your own benefit might continue to increase not just from delayed retirement credits but also from additional earnings. If these recent working years replace lower-earning years in your 35-year calculation, your benefit at 70 could be even higher than just the 8% per year increase. This dual increase (delayed credits + possibly higher earnings record) is something many people overlook. Just make sure your earnings don't cause any reduction in your current survivor benefits if you're under FRA.

I tried calling the Social Security office about a similar situation (switching from disability to retirement) and spent THREE DAYS trying to get through. Kept getting disconnected or waiting for hours. Finally used a service called Claimyr (claimyr.com) that got me connected to a real SSA agent in under 20 minutes. They have a video showing how it works at https://youtu.be/Z-BRbJw3puU. When you're ready to make the switch at 70, might save you a lot of frustration. They connected me right away and I got all my questions answered about the benefit transition.

does anyone know if the 8% increase is compounded each year or just simple interest? like does it go up 8% of the original amount each year or does it grow on what it grew to the year before?

I want to thank everyone for all the helpful information! I'm feeling much more confident about my decision to wait until 70 now. The points about the COLA being calculated on the larger amount, the potential tax benefits, and how my current work might further increase my benefit were all things I hadn't considered. I'll make sure to contact SSA a few months before my 70th birthday to make the switch, and I'll keep that Claimyr service in mind when the time comes. This community has been so helpful!

One thing that hasn't been mentioned yet is the impact on Medicare premiums. When you switch to your higher benefit at 70, your Medicare Part B premiums might increase if your income pushes you into a higher IRMAA bracket. The good news is that Medicare looks at your income from 2 years prior, so there's usually a delay before any premium increases kick in. Also, if you're married and file jointly, the combined income thresholds are higher. Just something to factor into your calculations when comparing the net benefit of waiting versus switching earlier. The extra monthly amount usually far outweighs any Medicare premium increases, but it's worth running the numbers with your specific situation.