Social Security Letter about benefits at age 70
Good afternoon – I just received a letter from SSA saying that I should apply now for monthly Social Security retirement payments. I still work full time, my employer pays for my health insurance, and I will turn 70 in August of this year.
Under the heading of “You Can Earn Special Work Credit Only Until Age 70”, they say I can increase my SS retirement benefits by a certain percentage (depending on date of birth) if I delay my retirement beyond full retirement age (which I have). Then they say the benefit increase no longer applies when I reach age 70, even if I continue to delay taking benefits.
Then they end the letter by saying I should contact them right away to apply for my retirement benefits and I need to complete an application before they can decide if I qualify to receive benefits.
Should I be worried? I thought I didn’t need to contact SSA until I’ve decided on a retirement date. As of now, I’m going to continue working as long as I can. Thank you so much for your help – I appreciate your words of wisdom.
Terry Says
Do NOT apply for your SS benefits until two or three months before your birthday — and then make very clear that you want your benefits to start at age 70. If you are a month late, they pay benefits retroactive for up to 6 months. But it is their favorite “trick” to get you to take it just BEFORE you turn 70, thus lowering your benefit for life!
To find out exactly what your benefit should be at age 70, go to www.maximizemysocialsecurity.com and let them give you the correct answer. It’s worth the $50 to know the right answer!
