Social Security beneficiaries should be able to claim benefits at 70 because it is logical

MANY Americans put countless numbers of hours into work before the time finally arrives to claim Social Security – but it might make sense to hold off a little longer before first eligible.

As soon as you hit 62, you can start enjoying Social Security benefits.

Waiting until 70 to claim Social Security makes sense for a few reasons


For a few reasons, it makes sense to wait until you are 70 to claim Social Security.

However, for many, it might not be in the best interest to claim that early because you’ll see a significant reduction to your benefits compared to if you hold off a few more years.

You might also want to delay until you are 70.

Below are our explanations.

Recently, you have been offered a more lucrative job.

Your earnings history will influence how much you receive in Social Security checks.

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If you haven’t earned a lot in your working history, and you just got a better-paying job – it would make sense to continue to build up your benefits.

Currently, the maximum taxable wage is $142,800 in 2021 – but that will be boosted to $147,000 next year. 

Social security doesn’t tax earnings above the wage cap.

Also, many employers have been boosting wages in efforts to lure workers in the past year or so.

You might have a chance to improve your earnings record.

You need or want to work more

If you don’t want to quit working, you can continue to work.

Others may not have worked as hard to receive the maximum Social Security check.

To be eligible for the maximum benefit, you need to work for at least 35 years.

If you don’t work at least 35 years, zeros will be average into your calculation for each year you’re missing income.

You will be able to enjoy lower benefits.

There is not enough money saved for retirement

Many Americans make the mistake of thinking that Social Security will suffice for them when they retire.

Social security benefits will replace only about 40% of pre-retirement income. 

Some argue you’ll need around $2million to retire comfortably. 

If you don’t have the funds to reach that threshold, it is a good idea to keep working and saving as much as you can.

Some common retirement accounts include 401ks and individual retirement accounts (IRA). 

132% of your monthly benefit is what you want

It is important to wait until you turn 70 before applying for Social Security. This is due to the financial boost that comes with delaying too long.

According to the, benefits can be reduced by up to 30% for those who claim after age 62. Social Security Administration.

If you wait until your full retirement age, you’ll get 100% of your monthly benefit if you start claiming then.

If you delay benefits for an additional 12 months, you’ll receive 108% of the monthly benefit and if you wait until 70, you’ll receive 132%.

If you fully take advantage of everything from your work and earnings history to delaying your claim – it’s possible you can earn the maximum Social Security benefit.

The maximum benefit will increase to $4,194 per month in 2022.

We explain how much you’ll lose by withdrawing from your retirement accounts too early.

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We explain five things you need to do before claiming Social Security.

And find out how working while collecting Social Security impacts your benefits.

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