Social Security dilemma: Worth claiming at 69 or wait until 70 while still working?

In your situation, there's a straightforward way to analyze this. If you claim at 69, you'll collect 12 months of benefits (approximately $38,400 total) that you would otherwise miss if waiting until 70. The trade-off is that your monthly benefit will be about $250 less for the rest of your life. The break-even point would be after about 154 months (or nearly 13 years) when you're around 82 years old. If you believe you'll live beyond that age, mathematically it's better to wait until 70. If not, claiming at 69 makes more sense. Keep in mind that continuing to work doesn't affect your benefits at your age (the earnings test disappears at FRA), but it could increase your taxable income, potentially making up to 85% of your Social Security benefits subject to federal taxes.

DONT WAIT!! Take it now!! I waited until 68 thinking I'd keep working til 70 but then got sick and wished I had taken it earlier. The money in hand NOW is worth more than the promise of a little more later. Besides the government keeps changing the rules anyway, who knows what they'll do next to our benefits. Just my 2 cents but im still kicking myself for not filing sooner.

my wife and me both claimed at FRA (66+4mo for us) and kept working. worked out fine. taxes were a bit higher but we liked having both income streams. honestly I think people overthink this stuff sometimes just do what feels right for your situation

Have you considered whether claiming now might affect your spouse's survivor benefits? If you're married and your benefit amount is higher than your spouse's, waiting until 70 would maximize what they could receive if you pass away first. Something to factor in.

One thing nobody's mentioned is that if you continue working, you might actually increase your benefit amount beyond what you're currently estimating. Social Security calculates your benefit based on your highest 35 years of earnings. If your current salary is higher than some of those earlier years (adjusted for inflation), each additional year of work could bump up your benefit calculation. And regarding taxes - yes, working while receiving benefits will likely put you in the position where 85% of your SS benefits are taxable. But you'd face that same tax situation at 70 if you're still working then. The real question is whether having the cash flow now is worth the permanent reduction in monthly benefits.

I tried calling SS to ask almost this exact same question last month and spent TWO DAYS trying to get through. So frustrating! I finally used this service called Claimyr (claimyr.com) and they got me connected to an SS agent in under 10 minutes. Totally worth it to actually talk to someone instead of getting disconnected over and over. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU Once I finally talked to an agent, they explained that waiting until 70 would give me the maximum possible benefit for life, but claiming at 69 means I'd get benefits while still getting delayed retirement credits for the previous three years. They said it's really a personal choice based on need and life expectancy.

Another consideration: since you're continuing to work, think about how the additional income from Social Security would be used. If you'd invest it, consider whether your expected investment returns would exceed the guaranteed 8% increase from waiting until 70. Few investments offer a guaranteed 8% annual return. However, if you have high-interest debt to pay off, home repairs needed, or other immediate financial priorities, claiming now might make sense despite the slightly lower lifetime benefit. It's not just a mathematical equation - it's also about what purposes that money would serve in your life right now versus later.

just wondering but did u check if ur eligible for any benefits from ur late husband? sometimes people can get survivor benefits even if their own record is higher

Since you're still working, have you verified whether your current earnings would replace an earlier, lower-earning year in your top 35? If so, working until 70 could increase your benefit beyond just the delayed retirement credits. You can check this on the SSA website by looking at your earnings record. Also, something people often overlook: if you're planning to work until 70 anyway, you could file a restricted application for just the next 12 months and then suspend benefits at 70 if you decide the increased amount is worth it. This gives you a chance to "test drive" having benefits while working and see how it affects your tax situation in real-time.

Whatever you do DON'T call the regular SS number to discuss this!!! I wasted THREE DAYS trying to talk to someone about my retirement options. Kept getting disconnected or waiting for hours. System is BROKEN!!! If you need actual help you'll have to find another way to reach them.

I was in a very similar situation two years ago - turning 69, still working, and torn between claiming then or waiting until 70. I ultimately decided to wait, and here's why it worked for me: I realized that the guaranteed 8% increase was essentially a risk-free investment return that's hard to beat elsewhere. Since you mentioned you're in good health and enjoy your work, the key question is really about your expected longevity and what you'd do with the extra $38,400 you'd collect in that first year. In my case, I didn't need the money immediately and my family has good longevity genes, so waiting made sense. One thing that helped me decide was calculating not just the break-even point, but also the cumulative difference over various time periods. Yes, you break even around 82, but if you live to 85, you're ahead by about $9,000 total. If you make it to 90, you're ahead by nearly $40,000. The longer you live, the more significant that $250/month difference becomes. That said, everyone's situation is different. If you have immediate financial goals or health concerns, claiming at 69 is perfectly reasonable. Just make sure you're making the decision based on your specific circumstances rather than general anxiety about "leaving money on the table.

I really appreciate everyone's thoughtful responses here! After reading through all the perspectives, I'm leaning toward waiting until 70, especially given StarGazer101's point about the cumulative difference over time. The guaranteed 8% return is compelling, and since I don't have any immediate financial needs, it seems like the mathematically sound choice. I think I'll use the Claimyr service that CosmicCowboy mentioned to get through to SSA and verify whether my continued work would bump up my benefit calculation beyond just the delayed credits. If my current $72k salary is replacing some lower-earning years from decades ago, that could make waiting even more worthwhile. Thanks also to those who reminded me to check my earnings record - I hadn't thought about how my current higher salary might be improving my average. It's reassuring to hear from people who've faced similar decisions and can share their real-world experiences rather than just theoretical advice.

Great thread! I'm facing a similar decision but at 68, so this discussion is really helpful. One angle I haven't seen mentioned yet is the impact of Medicare premiums. When you start collecting Social Security, your Medicare Part B premiums get automatically deducted from your monthly benefit. If you're in a higher income bracket due to working while collecting SS, you might also face IRMAA (Income-Related Monthly Adjustment Amount) surcharges. For someone making $72k plus Social Security benefits, you'd likely be over the $103k threshold for IRMAA in 2024, which could add $70-230/month to your Medicare premiums depending on your exact income. This effectively reduces your net Social Security benefit, though it would apply whether you claim at 69 or 70 if you're still working. Just another piece of the puzzle to consider when doing your calculations!

This is such a valuable discussion! As someone who's currently 67 and grappling with similar timing questions, I really appreciate all the different perspectives shared here. One thing that struck me from reading through everyone's experiences is how personal this decision really is. The math gives you a framework, but factors like health, family longevity, immediate financial needs, and even peace of mind all play a role. Connor, it sounds like you're being really thoughtful about this. The points about IRMAA surcharges and the guaranteed 8% return are particularly compelling. I hadn't fully considered how Medicare premium adjustments could eat into the benefits of claiming early while still working at a decent salary. For what it's worth, I'm leaning toward waiting until 70 myself after reading this thread. The cumulative advantage over time, especially if we're fortunate enough to have good longevity, seems to outweigh the immediate gratification of having benefits now. Plus, as several people mentioned, that 8% guaranteed return is pretty hard to beat in any other investment. Thanks to everyone for sharing their real-world experiences - it's so much more helpful than just reading generic advice articles!

Welcome to the community! I used Claimyr about 6 months ago and had a great experience. The SSA representative I connected with was able to pull up my complete earnings history and run several different scenarios for me - claiming at different ages, projected benefit increases from continued work, etc. They even helped me understand how my spouse's earnings record compared to mine for survivor benefit planning. The whole process took about 45 minutes once connected, and I felt much more confident about my decision afterward. They were able to show me exactly which of my early career years were being replaced by current higher earnings, which added about $60/month to my projected benefit beyond just the delayed credits. Definitely worth using their service, especially since you're dealing with the complexity of part-time consulting income on top of the basic claiming decision. The SSA rep can help you understand how irregular earnings might affect your calculations differently than someone with steady W-2 income.

As someone who's been navigating the Social Security system for my elderly parents, I wanted to add another perspective to this great discussion. One factor that hasn't been mentioned much is the potential for future rule changes or benefit adjustments. While current recipients are generally protected, there's always some uncertainty about long-term program sustainability. That said, I wouldn't let political worries drive the decision - the math and personal circumstances should be the primary factors. What I found helpful when advising my parents was creating a simple spreadsheet showing the cumulative benefits received under different scenarios over 5, 10, 15, and 20 years. It really helps visualize how the break-even point works in practice. Connor, given your good health, family longevity, and the fact that you don't have immediate financial needs, waiting until 70 seems like the prudent choice. The guaranteed 8% return plus any potential benefit increases from continued high earnings is hard to beat. Just make sure to factor in those IRMAA implications that Giovanni mentioned - they can be significant at your income level. The Claimyr service sounds like a game-changer for getting personalized advice. Thanks to everyone who shared that tip!

Reading through this entire thread has been incredibly helpful as I'm facing a very similar decision at 68! What strikes me most is how this discussion has evolved from the basic math to all the nuanced considerations - IRMAA surcharges, earnings record improvements, guaranteed returns vs. investment alternatives, and even the practical aspects of actually reaching SSA for personalized advice. Connor, your situation really mirrors mine in many ways. I'm also still working (part-time consulting), in good health, and initially was torn between claiming now versus waiting. But after seeing the detailed breakdown of the break-even analysis, the guaranteed 8% return argument, and especially the IRMAA implications for higher earners, I'm now convinced that waiting until 70 is the right move for people in our position. The Claimyr recommendation is pure gold - I had no idea there was a service that could help bypass the notorious SSA phone wait times. I'm definitely going to use that to get my specific numbers analyzed, especially since consulting income can be irregular and I want to understand exactly how continued work might improve my benefit calculation. Thanks to everyone who shared their real experiences and insights. This is exactly the kind of practical, experience-based advice that's so much more valuable than generic online calculators!

This has been such an enlightening discussion to follow! I'm 67 and facing a similar decision point, though I'm leaning toward claiming at my full retirement age next year rather than waiting until 70. Reading everyone's experiences has really highlighted how personal these decisions are. What's been most valuable to me is seeing the real-world perspectives on the guaranteed 8% return from delaying - that's such a compelling way to frame it versus other investment options. The IRMAA considerations that Giovanni brought up are also something I hadn't fully factored into my own calculations, especially since my pension plus Social Security would likely push me into higher Medicare premium brackets. For those mentioning Claimyr - has anyone used their service for questions about spousal benefits coordination? My husband and I are trying to figure out the optimal claiming strategy for both of us, and the complexity of coordinating two different earnings records feels overwhelming. The standard SSA materials are helpful but don't really address our specific situation with his pension and my higher earnings record. Connor, it sounds like you've gotten great guidance here for your situation. The wait-until-70 strategy seems solid given your health, longevity factors, and current income level!

As someone who works in financial planning, I want to emphasize a point that's been touched on but deserves more attention: the tax efficiency angle of your decision. Since you're continuing to work and earning $72K, claiming Social Security now would likely push your combined income to around $110K (salary + SS benefits), which means you'll be paying taxes on up to 85% of your SS benefits AND potentially facing those IRMAA surcharges for Medicare. However, if you wait until 70 and then retire from work (or reduce your hours significantly), you might find yourself in a lower overall tax bracket when you do start claiming the higher benefit. This could partially offset the higher Medicare premiums and result in better after-tax cash flow. Also, consider this: at 69, you're essentially "buying" an extra $250/month for life by forgoing one year of benefits ($38,400). That's like purchasing an immediate annuity with a 7.8% payout rate - something that would cost well over $38,400 in today's market. The math strongly favors waiting in your situation, especially given your good health and family longevity history. I'd definitely recommend using that Claimyr service to get your exact numbers, but based on what you've shared, waiting until 70 seems like the optimal strategy.