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.