Personal Finance

I'm Still Working at 70. Do I Have to Claim Social Security?

Maurie Backman

Published: January 24, 2025 10:33 am

Once you turn 62, you can file for Social Security at any point in time. And there’s a reason 62 is such a popular filing age — it’s the soonest you can get your money.

But there’s an upside to not claiming Social Security at 62, and it’s that waiting results in more generous monthly benefits. That’s an important thing if you’re not confident in the savings you’ve built for retirement and feel those benefits will be an important source of income for you during your senior years.

Now you should know that you’re entitled to your complete monthly Social Security benefit once you reach full retirement age (FRA). That age is between ages 66 and 67, depending on your specific year of birth.

The Social Security Administration (SSA) will also reward you for delaying your claim beyond FRA. For each year you do, your monthly benefits rise 8%.

But those delayed retirement credits can’t be racked up indefinitely. So it’s important to know when to sign up for benefits to avoid losing out.

When waiting no longer pays off

If you’re still working by the time you turn 70, you may be inclined to keep delaying Social Security. But you should know that the delayed retirement credits you get for holding off on Social Security run out once you turn 70.

To put it another way, there’s no financial upside to delaying your Social Security claim once you reach the age of 70. The SSA isn’t going to force you to take benefits then if you don’t want to. But since you can’t grow your benefits at that point, you might as well collect the money.

And to be clear, working — even on a full-time basis — won’t get in the way of your Social Security eligibility. You’re allowed to collect monthly benefits while also receiving a paycheck from a job, but if you haven’t yet reached your FRA, you’ll be subject to an earnings-test limit. And exceeding that limit could result in some of your monthly benefits being withheld.

But at age 70, that’s not an issue. You’re well beyond your FRA at that point. So even if you earn a six-figure income, it won’t get in the way of collecting whatever monthly amount Social Security owes you in full.

It’s important to know the rules

Social Security is loaded with rules, and some of them are a bit complex. But it’s important to read up on Social Security so you know how to claim benefits strategically.

Delaying your Social Security claim indefinitely is certainly not a savvy move, because it could cause you to lose out on benefits you’re supposed to be getting. That said, if you’re already past your 70th birthday and you haven’t yet signed up for Social Security, you may be able to get the SSA to pay you up to six months of retroactive benefits. So if you’re 70.5 years old, for example, and you sign up right away, you can get paid the money you should’ve started getting at age 70.

But waiting too long to claim Social Security could mean permanently giving up some benefits. And that’s certainly not a good thing. So it’s best to read up on Social Security so you understand it thoroughly. You may also want to enlist the help of a financial advisor who can help you decide when to claim Social Security based on your specific situation.