Social Security: Working until 70 - when to stop and apply for maximum benefits?

congrats on making it to 70! most people cant wait that long lol. pretty sure u can stop working whenever u want now, the max DRCs stop at 70 no matter what

You've already earned the maximum possible delayed retirement credits (DRCs) by waiting until 70. Social Security stops accumulating those additional credits the month you turn 70, regardless of whether you continue working or not. As for when to apply, the general recommendation is to submit your application 3-4 months before you want benefits to begin. In your case, you'd want to apply in March or April 2025 for benefits to start in July. One important note: while you can stop working anytime once you reach 70, your benefit amount is still based on your highest 35 years of earnings. So if you're currently earning more than some of your previous years used in the calculation, working a bit longer could still slightly increase your benefit amount by replacing a lower-earning year.

The SSA website is USELESS on this! I called them 11 TIMES last month trying to get a straight answer about maximizing my benefits at 70 and kept getting disconnected or told different things by different people!!! One rep told me I needed to work until the exact day of my birthday, another said it didn't matter. The whole system is designed to confuse us seniors!!!!

When I turned 70 last year, I was in a similar situation. Here's what I learned: 1. The delayed retirement credits stop accumulating the month you turn 70, so working beyond that doesn't increase your benefit percentage. 2. However, as someone mentioned, recent high-earning years can replace lower-earning years in your 35-year calculation. 3. Apply 3 months before your birth month (so April for you). This gives SSA time to process everything. 4. Benefits are paid the month AFTER they're due, so your July benefit will arrive in August. One thing that tripped me up: they ask when you want benefits to BEGIN. Make sure you specify July 2025, not August (when you'll receive the payment). Hope this helps!

my grandpa waited till 70 and then they calculated his benefit wrong! took him 6 months to get it fixed and he never got back payment. make sure u check the amount they give u

When I called the SSA last year about my retirement benefits, I spent hours trying to get through. A friend told me about a service called Claimyr that got me connected to an agent in less than 5 minutes! Literally saved me days of frustration. They have a video demo at https://youtu.be/Z-BRbJw3puU if you want to see how it works. For something as important as making sure your maximum age 70 benefit is set up correctly, it might be worth checking out if you have trouble getting through on the phone.

Im turning 70 next year and i have a question related to this. If I keep working past 70 do i still pay social security taxes even tho im collecting benefits? seems like double dipping for the govt if they take $ out of my check while paying me SS at the same time....

One more important point that hasn't been mentioned: Even though you're turning 70 in July, Social Security regulations state that you attain your age the day before your birthday. So technically, you reach age 70 on July 4th, not July 5th. This is just a technical detail, but it's good to be aware of it.

To summarize what you need to do based on all the advice here: 1. Apply approximately 3 months before your July birthday (so around April) 2. Specify that you want benefits to START in July 2025 3. You can stop working whenever you want - continuing won't affect your DRCs, but could potentially replace a lower earning year if your current income is higher 4. Verify your benefit amount when you receive your award letter 5. Remember your first payment will arrive in August (for July benefits) Congratulations on maximizing your Social Security by waiting until 70!

Another thing to consider - if you have a spouse who might be eligible for spousal benefits, make sure to coordinate your application timing with theirs. Sometimes there are strategies around timing that can maximize total household Social Security income. Also, don't forget that once you start receiving benefits, you'll need to report them on your tax return - Social Security benefits can be taxable depending on your total income level. Just want to make sure you're prepared for all aspects of this transition after doing such a great job waiting until 70!

Just went through this process myself last year! One additional tip that really helped me: create a my Social Security account online if you haven't already. You can see your projected benefit amount at age 70 there, which is super helpful for planning. Also, when you do apply, keep copies of everything and take screenshots of your application confirmation. The online application is usually faster than calling, especially given how hard it can be to get through by phone. You've done the hard part by waiting until 70 - now you just need to execute the application process smoothly. Good luck!