What happens if I delay Social Security past age 70 while still working? Any penalties?
I just turned 70 last month and I'm still working full-time at my landscaping business. Business is good, and I honestly don't need the extra income from Social Security right now. A friend mentioned I should have already applied for benefits since I'm 70, but I haven't done anything yet. Will I be penalized for waiting past 70? Do I lose money permanently if I don't apply right away? I'm planning to work for at least another 2-3 years if my health holds up, and wasn't thinking about SS until I fully retire. Now I'm worried I'm making a costly mistake!
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Rebecca Johnston
You should apply for your Social Security retirement benefits immediately. There's no financial advantage to waiting beyond age 70. Unlike delaying between FRA (Full Retirement Age) and 70 where you earn delayed retirement credits of 8% per year, there are NO additional increases after 70. The SSA will only pay up to 6 months of retroactive benefits, so every month you delay past 70 is essentially lost money that you'll never recover.
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KingKongZilla
AuthorOh no! I had no idea I was losing money. I thought maybe the benefit would keep growing like it does from 66-70. I'll apply right away. Is there a way to get back more than just 6 months of payments that I've missed?
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Nathan Dell
I made the EXACT same mistake and it cost me thousands!! The SSA doesn't tell you this clearly enough. I kept working until 72 and didn't apply because I thought I didn't need to until I stopped working. BIG MISTAKE! When I finally applied, they only gave me 6 months of back payments and I lost over a year of benefits I could have been collecting. Apply TODAY!!
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Maya Jackson
did u try talking to a supervisor? my cousin got them to give him back pay for a whole year by explaining his situation
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Nathan Dell
I tried everything - called multiple times, went to the office, filed appeals. They wouldn't budge on the 6-month limit. Said it's written into the law and they can't make exceptions. So frustrating!
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Tristan Carpenter
The good news is you can still work while collecting Social Security retirement benefits after you reach full retirement age (which you've well passed at 70). There's no earnings limit that will reduce your benefits. You'll receive your full Social Security payment regardless of how much you earn from your landscaping business. However, depending on your combined income, up to 85% of your Social Security benefits might be subject to federal income tax.
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KingKongZilla
AuthorThanks for that info. I was also worried about taxes. So I'll get the full payment even with my business income, but might have to pay taxes on the SS benefits depending on my total income, right?
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Tristan Carpenter
Exactly. Your Social Security benefits won't be reduced because of your earnings, but they may be taxable. If your combined income (adjusted gross income + nontaxable interest + half of your Social Security benefits) exceeds $34,000 for an individual or $44,000 for joint filers, up to 85% of your benefits may be subject to federal income tax. Some states also tax Social Security benefits, though many don't.
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Amaya Watson
Apply online at ssa.gov its the fastest way. took me like 20 minutes. way better than going to the office
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KingKongZilla
AuthorI've tried applying online but I keep getting stuck on some questions about my business income. Might need to talk to someone directly.
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Grant Vikers
If you're struggling to get through to SS on the phone to ask questions about your application, you might want to try Claimyr.com - I used it last month when I needed to talk to someone about my retirement benefits and kept getting disconnected after waiting on hold for hours. They got me through to a live person at SSA in about 15 minutes. They have a video demo at https://youtu.be/Z-BRbJw3puU that explains how it works. Was definitely worth it since I needed specific answers about my application that the website couldn't address.
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KingKongZilla
AuthorThat sounds helpful! I've been trying to call for three days and keep getting the "all representatives are busy" message. I'll check out that service since I really need to get this fixed quickly.
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Giovanni Martello
Is that service legitimate? Sounds kinda sketchy to me
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Maya Jackson
my dad waited til 73 to claim and regrets it big time. SSA only gave him 6 months backpay even tho he didnt know about the age 70 cutoff for increases. dont make the same mistake!
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KingKongZilla
AuthorThat's exactly what I'm worried about. Thanks for sharing your dad's experience. I'm definitely going to apply right away.
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Rebecca Johnston
To directly answer your original question: Yes, there is essentially a "penalty" for not filing at 70, but it's not an actual penalty - it's lost money you can never recover. For every month beyond 70 that you don't apply, you're permanently forfeiting a month of benefits (except for the 6-month retroactive period). The SSA doesn't automatically enroll you, and many people mistakenly believe benefits continue to grow after 70 or that you shouldn't apply until you stop working. Neither is true!
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KingKongZilla
AuthorI appreciate the clear explanation. I had always thought Social Security was something you applied for when you stopped working, not based on age. Definitely learned something important today!
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Giovanni Martello
Wait so does anyone know if you HAVE to apply for SS at 70 even if still working? or is it just recommended so you dont lose $?
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Tristan Carpenter
You don't HAVE to apply - it's not mandatory. But as everyone has mentioned, there's absolutely no financial advantage to waiting past 70. Your benefit amount stops increasing at that point, so delaying just means permanently lost money. You can collect your full Social Security benefits regardless of how much you earn from working after reaching full retirement age.
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Lola Perez
Just want to add another perspective here - I'm a retired SSA employee and can confirm everything said about the 70 cutoff is absolutely correct. The delayed retirement credits stop at age 70, period. I've seen so many people come in months or even years later thinking they were being smart by waiting, only to find out they'd left thousands on the table. The 6-month retroactive limit is federal law and there are no exceptions, no matter how compelling your story. Please don't delay any further - apply immediately and start collecting what you've already earned!
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