Turning 70: When to Apply for Social Security

Social Security retirement benefits provide financial support, with the age you begin receiving them significantly affecting your monthly amount. Understanding this timing is important for maximizing your benefits. This article explains how your benefit amount is determined, especially as you approach age 70, and outlines the application process.

Understanding Your Social Security Benefit Amount

Your Social Security benefit amount is influenced by your “Full Retirement Age” (FRA), the age you are eligible to receive 100% of your primary insurance amount. For those born in 1960 or later, the FRA is 67. For those born between 1943 and 1954, your FRA is 66, with incremental increases for birth years between 1955 and 1959.

Claiming benefits before your FRA results in a permanent reduction to your monthly payment. For example, starting benefits at age 62, the earliest eligibility age, can reduce your monthly amount by as much as 30% for those with an FRA of 67. This reduction is calculated based on how many months you claim before your FRA.

Delaying the start of your benefits beyond your FRA can increase your monthly payment through “Delayed Retirement Credits” (DRCs). These credits accrue for each month you postpone receiving benefits, up until age 70. For individuals born in 1943 or later, the annual increase from DRCs is 8%, meaning your monthly benefit grows by two-thirds of 1% for each month of delay.

DRCs stop accumulating once you reach age 70. For instance, delaying from an FRA of 67 to age 70 can result in a 24% increase in your monthly benefit. Age 70 is when your Social Security retirement benefit reaches its maximum possible amount based on your earnings record.

Preparing to Apply for Social Security Benefits

Gathering necessary information and documents before applying for Social Security retirement benefits can streamline the process. You will need your Social Security number, date and place of birth. If not born in the United States, proof of U.S. citizenship or lawful alien status is required.

Details about your marital history are important, including names, Social Security numbers, and dates of birth for current and any former spouses, along with marriage and divorce dates. Information regarding any unmarried children under 18, or 18-19 and attending elementary or secondary school, or those disabled before age 22, is also needed.

For your work history, you will need employer names and addresses for the current and previous year, and your earnings for those periods. Provide W-2 forms or self-employment tax returns for the previous year. If you served in the U.S. military before 1968, your service papers are necessary.

For direct deposit, have your bank’s routing transit number and account number. Verify your earnings record by creating an account on the Social Security Administration’s (SSA) website at www.ssa.gov/myaccount. This online account allows you to review your earnings history, estimated benefits, and identify any discrepancies.

The Social Security Application Process

Once you have gathered all required information and documents, the application for Social Security retirement benefits can begin. The Social Security Administration (SSA) offers several methods for submitting your application. You can apply online through SSA.gov, which is often the most encouraged method.

When applying online, create or sign in to your “my Social Security” account. The platform allows you to save progress and return later. Upon completion and submission, you will receive a confirmation receipt.

Alternatively, apply by phone by calling the SSA’s toll-free number; a representative can assist you. For in-person assistance, visit a local Social Security office. Make an appointment in advance by phone to minimize wait times.

After your application is submitted, the SSA will review your information. This review verifies your identity and employment history to determine eligibility. Processing time for retirement applications is around six weeks. The SSA may contact you if additional information or documents are needed; prompt responses help avoid delays. Once approved, you will receive a notification detailing your benefit amount and expected payment start date.