Social Security FRA confusion - will delaying past 67 to 70 increase benefits for 1959 birth year?

Your Full Retirement Age (FRA) is 66 and 10 months since you were born in 1959. That's when you can claim your full benefit amount. But there's no 'maximum age' for collection in the way you're thinking. You can start as early as 62 (with a permanent reduction) or delay past your FRA for increased benefits until age 70. After 70, there's no additional benefit for waiting.

For each month you delay claiming Social Security after your FRA (66 and 10 months in your case), you earn Delayed Retirement Credits of 2/3 of 1% per month, which works out to 8% per year. So by waiting from your FRA to age 70, you'd get about 25.33% more in monthly benefits for the rest of your life. After 70, there's no financial benefit to waiting any longer.

EVERYONE keeps talking about this FRA and delaying benefits but NOBODY explains what happens if you NEED the money sooner!!!!! Not all of us can wait until 66+ or 70!!!! My back is shot from 40 years of construction work and I HAD to take SS at 62. Yes my benefit is lower but WHAT CHOICE DID I HAVE??? The system is RIGGED against working people who wear out their bodies!!!

Just to add a bit more clarity since you asked about "maximum age" - Social Security doesn't really have a concept of maximum age for benefits. Your FRA (Full Retirement Age) is when you get your full PIA (Primary Insurance Amount), but waiting until 70 maximizes your monthly benefit. After 70, your benefit amount doesn't increase anymore through delayed retirement credits, so there's no financial reason to wait beyond 70. But there's no maximum age - you can claim at 80 if you wanted to (though financially that would be unwise).

Just wanted to mention that while waiting to 70 gets you the maximum monthly amount, you should also consider your break-even age. If you wait from 66+10mo to 70, you'll need to live until your early 80s to come out ahead in total benefits compared to starting at your FRA. It's not just about the monthly amount but your total lifetime payout and personal health/family longevity.

I just went through this whole decision process last year... Everyone here is giving good info but trying to reach the SSA for personalized advice was IMPOSSIBLE. Kept getting hung up on after waiting 2+ hours. I finally used a service called Claimyr (claimyr.com) that got me through to an agent in under 10 mins. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The SSA rep walked me through my specific delayed retirement credits and helped me understand exactly what my benefit would be at different ages. Worth it to get personalized advice for YOUR situation.

One more important thing to consider: If you're still working, your benefits could be reduced if you claim before your FRA and earn over the annual limit ($22,320 in 2025). After FRA, there's no earnings limit. So if you're planning to continue working, that's another factor to consider in your claiming decision.

Thanks everyone for all the helpful information! I think I understand now - my FRA is 66 and 10 months (not a "max age"), and I can get delayed retirement credits up until age 70. I'm still working, so I'll probably wait at least until my FRA to avoid the earnings limit. Since my family tends to live into their 90s, waiting until 70 might be the best financial decision for me. I'll check my mySocialSecurity account to get my specific benefit estimates at different ages.

Sounds like you've got a solid plan, Ravi! One thing to double-check when you log into your mySocialSecurity account - make sure to look at the "View Estimated Benefits" section which will show you the exact dollar amounts at different claiming ages. Also, since you mentioned your family longevity, you might want to consider spousal benefits too if you're married. The timing of when you claim can affect survivor benefits for your spouse. Good luck with your decision!