Social Security benefits after turning 70 - any penalties for not claiming yet?

You definitely want to apply right away! Social Security does NOT automatically start your benefits at 70. The delayed retirement credits stop accumulating at age 70, so there's no advantage to waiting beyond that point. You can get up to 6 months of retroactive benefits, but anything beyond that is unfortunately lost. Contact SSA immediately to start your application.

my sister did the same thing and waited till 71 to file!!! she was SOOO MAD when she found out she lost almost a whole year of payments that she could never get back

Let me clarify a few important points about claiming after 70: 1) Maximum delayed retirement credits (8% per year) stop accumulating at age 70 2) SSA can only pay up to 6 months of retroactive benefits for retirement claims 3) There's no automatic enrollment at any age - you must apply 4) Any benefits you could have received more than 6 months ago are permanently lost File immediately to minimize your losses. You'll need your birth certificate, perhaps marriage/divorce documents, and banking information for direct deposit. The online application at ssa.gov is fastest.

@[profile7] - For retirement benefits, the retroactive payment limit is 6 months (maximum). You're thinking of disability benefits, which can sometimes provide retroactive payments going back to the established onset date. Your husband should apply immediately to minimize lost benefits.

I went through this exact thing when I turned 70 last year! Called and called SSA but could never get through on the phone. Waited 3 months for an in-person appointment. Finally used a service called Claimyr (claimyr.com) that got me connected to a real SSA agent within 20 minutes. They have a video showing how it works here: https://youtu.be/Z-BRbJw3puU Saved me from losing another month of benefits. The agent was able to file my application over the phone and I got my back pay for 6 months.

My aunt turned 72 b4 she realized no1 was going to just start sending her SS checks! lost like 2 whole years of payments she could never get back 😡

You need to apply NOW. Social security has no uto enrollment. I'm actually a Financial advisor and see this mistake way too often. After 70, there's zero benefit to waiting. Once you apply, you'll only get 6 months of back payments maximum, so anything beyond that is permanently gone. The process is pretty simple though. You can apply online at SSA.gov or call to schedule an appointment. You'll need: - Birth certificate - Tax returns from last year - Bank account info for direct deposit - Marriage certificate if widowed/divorced and claiming on spouse Do this immediately - you're leaving money on the table every month you delay after 70.

Just to add one point to all this good advice - since you've continued working, your benefit amount might actually be higher than what it would have been at exactly age 70. Social Security recalculates your PIA (Primary Insurance Amount) annually if you have new earnings that might increase your benefit. So when you apply, you'll get the maximum DRCs (Delayed Retirement Credits) plus any increase from recent higher earnings years replacing lower earning years in your calculation.

I was able to get through to SSA finally! The agent confirmed I'll only get 6 months of retroactive benefits, so I've definitely lost some money by waiting. But at least I'm getting it sorted now. The agent mentioned my benefit amount is a bit higher than it would have been at exactly 70 due to my extra work years, just like someone mentioned here. Still mad at myself for not knowing about this sooner though!

Great to hear you got through and are getting it sorted out! Don't beat yourself up too much - this is unfortunately a very common mistake because SSA doesn't do a good job of informing people about the rules around age 70. At least you caught it relatively quickly compared to some horror stories I've heard. The silver lining about your higher benefit amount from the extra work years is nice too. Make sure to keep an eye on when your first payment arrives - sometimes there can be processing delays even after you've applied.