How to apply for Social Security benefits at 70 years old?

According to the Social Security Administration, delaying your retirement benefits past your full retirement age can result in a significant increase in your monthly payments, up until age 70. Learn how to apply for Social Security benefits at 70 years old to take full advantage of this strategy and maximize your lifetime income.

Quick Summary

Applying for Social Security benefits at age 70 can be done online, by phone, or in-person at a local office, with the online method being the most convenient. The process is straightforward and typically involves gathering necessary documents and completing the application to secure your maximum possible monthly benefit.

Key Points

• Start Online for Convenience: The easiest way to apply for Social Security benefits at 70 is online through the official SSA website, ssa.gov/retireonline.

• Delayed Retirement Credits: Waiting until age 70 earns you delayed retirement credits, increasing your monthly benefit by 8% per year past your full retirement age.

• Automatic Application is Rare: Benefits will not start automatically unless you previously filed and then voluntarily suspended benefits at your full retirement age.

• Prepare Documents in Advance: Before applying, gather necessary documents like your birth certificate, Social Security card, and bank account information to streamline the process.

• Apply for Medicare Separately: Remember to apply for Medicare at age 65, even if you are delaying your Social Security benefits, to avoid late enrollment penalties.

• Consider Retroactive Benefits: When applying, you can request up to six months of retroactive payments, but be mindful this can impact your delayed credits if requested before age 70.

Why Apply at Age 70?

Delaying your Social Security benefits until age 70 is a powerful strategy for increasing your monthly income throughout retirement. While you can begin claiming benefits as early as age 62, waiting past your full retirement age (FRA) earns you delayed retirement credits (DRCs).

For those born in 1943 or later, your benefit increases by a rate of 8% per year for every year you delay beyond your FRA, stopping when you turn 70. This creates a significant boost to your monthly check that lasts for the rest of your life. For example, a person with a full retirement age of 67 who waits until 70 to apply will receive 124% of their full retirement amount.

Benefits of Delaying Until 70

• Maximum Monthly Benefit: The primary advantage is securing the highest possible monthly payment for yourself. This is particularly beneficial for those with a longer life expectancy, providing financial security for a longer period.
• Survivor Benefits: If you pass away, your surviving spouse could be eligible for a higher benefit based on your higher payment amount. This helps ensure your loved one is financially stable.
• Insurance Against Longevity: Living a long time is a financial risk. Delaying your benefits acts as longevity insurance, guaranteeing a larger stream of income for as long as you live, with no risk of market downturns affecting your payment.

How to Apply: A Step-by-Step Guide

Applying for Social Security at 70 is a relatively simple process. You can apply using three different methods, each with its own benefits. For most people, applying online is the most convenient.

Method 1: Apply Online

1. Visit the Official Website: Go to the Social Security Administration's official website, www.ssa.gov/retireonline.
2. Create a My Social Security Account: If you don't already have one, you will need to create a my Social Security account. This secure portal allows you to access your earnings record, review estimated future benefits, and manage your benefits once they start.
3. Complete the Online Application: The online application is designed to be user-friendly. It will guide you through a series of questions about your personal information, work history, and banking details for direct deposit.
4. Review and Submit: Before submitting, carefully review all the information to ensure accuracy. Once submitted, you will receive a confirmation number that you can use to check the status of your application.

Method 2: Apply by Phone

If you prefer to speak with a representative, you can apply for benefits over the phone. This can be a good option if you have questions during the application process.

• Call the National Number: The toll-free number is 1-800-772-1213. TTY users can call 1-800-325-0778.
• Prepare Your Information: Have all the necessary documents and information ready before you call. This includes your Social Security number, birth certificate, and bank account information.
• Schedule an Appointment: The representative will guide you through the process and help you complete the application.

Method 3: Apply In-Person

For those who prefer face-to-face assistance, or for more complex cases, visiting a local Social Security office is an option.

• Find a Local Office: Use the SSA's website to find your nearest office and its hours.
• Call Ahead for an Appointment: It is highly recommended to call ahead and schedule an appointment to reduce your waiting time.
• Bring Required Documents: Make sure to bring all necessary original documents with you to the appointment.

Documents and Information Needed

Regardless of how you apply, you will need to provide certain information and documents. Gather these items beforehand to make the process as smooth as possible.

Required Documents

• Your Social Security Card or a record of your Social Security number.
• Your Birth Certificate or proof of age.
• U.S. military discharge papers, if you had military service before 1968.
• W-2 forms or self-employment tax returns for the previous year.
• Checking or savings account information for direct deposit.

Information to Provide

• Your date and place of birth.
• Your marital status and information about any prior marriages.
• The names and birthdates of your unmarried children under 18 (or disabled children under 22).

Important Considerations and Timelines

While delaying until 70 is often a smart financial move, there are a few other factors to keep in mind. The Social Security Administration's system for calculating delayed credits and processing applications means that planning ahead is key.

Retroactive Benefits and the Best Filing Month

When you file for benefits at age 70, you are eligible for up to six months of retroactive benefits. However, this is only an option for months after you reached your full retirement age. To ensure you receive the full benefit of your delayed retirement credits, you should specify the month you turn 70 as your first month of entitlement, not before.

Your First Payment

The SSA processes payments a month behind. This means if you file in the month you turn 70 and request your benefits to begin that same month, your first payment will arrive the following month. For example, if you turn 70 in July, your first check will be for the month of July and will arrive in August.

Social Security vs. Medicare Enrollment

Even if you plan to delay your Social Security, you should still sign up for Medicare when you become eligible at age 65. If you do not, your Medicare coverage could be delayed, and you may face late enrollment penalties. You can apply for just Medicare through the SSA website without applying for Social Security.

Maximizing Benefits: A Comparison of Claiming Ages

To illustrate the financial impact of delaying benefits, let's compare claiming strategies. The decision depends on your individual circumstances, such as health, other retirement income, and financial needs.

Feature	Claiming at 62 (Early)	Claiming at Full Retirement Age (FRA)	Claiming at 70 (Delayed)
Monthly Benefit	Permanently reduced by up to 30%.	100% of your primary insurance amount (PIA).	Permanently increased by delayed credits (124% for FRA 67).
Lifetime Income	Higher total if you have a shorter life expectancy.	A balanced approach, receiving full benefits earlier.	Highest total if you have an average or longer life expectancy.
Impact on Spouse	A reduced survivor benefit for your spouse based on your lower amount.	A higher potential survivor benefit compared to claiming early.	The maximum possible survivor benefit for your spouse.
Application	Must be filed no more than 4 months before you want benefits to start.	Can be done 4 months prior to your FRA.	Can be done 4 months prior to turning 70.

Conclusion

Applying for Social Security benefits at 70 is a strategic and often beneficial choice for many retirees, designed to maximize your monthly income for life. The application process is straightforward, with options to apply online, by phone, or in-person. By gathering your documents and information ahead of time and being mindful of the key timelines, you can smoothly navigate the process and lock in your highest possible benefit. While waiting until age 70 provides the largest checks, it is a personal decision that should be weighed against your health, financial needs, and life expectancy to determine the best approach for your unique retirement plan. Consult with a financial advisor to understand how this fits into your overall strategy. With proper planning, you can ensure a secure and comfortable retirement for yourself and your family.

Frequently Asked Questions

When is the absolute latest I can apply for Social Security benefits?

While it is best to apply in the months leading up to your 70th birthday, you can file your application at any time. However, delayed retirement credits stop accruing at age 70, so there is no financial advantage to waiting past that point. The SSA can pay up to six months of retroactive benefits.

What if I can't apply online?

If you cannot apply online, you can call the Social Security Administration's national toll-free number at 1-800-772-1213 (TTY 1-800-325-0778) to file over the phone. Alternatively, you can visit your local Social Security office in person, though calling ahead for an appointment is highly recommended.

Do I need to apply for Medicare at the same time?

No, you do not. You should apply for Medicare when you become eligible at age 65, regardless of when you plan to start your Social Security retirement benefits. You can do this online through the SSA website.

How long does it take for my benefits to start after I apply at 70?

After applying, it can take several weeks for the SSA to process your application. Your first payment will generally arrive the month after your benefits are set to begin. The SSA processes payments a month behind. For example, a benefit for the month of July is paid in August.

What documents do I need to apply for Social Security benefits at 70?

You will need your Social Security card, birth certificate or other proof of age, and your W-2 forms or tax returns from the previous year. You will also need your bank account information for direct deposit.

Will applying at 70 impact my spouse's benefits?

Yes, delaying your benefits until age 70 will maximize your monthly payment, which in turn can lead to a higher potential survivor benefit for your spouse if you pass away. This is a significant advantage for your family's financial security.

What if my birthday falls on the first of the month?

For those born on the first day of the month, the SSA considers your benefits to start in the prior month. This means if you are aiming for your benefits to begin in the month you turn 70, you should file in the three to four months leading up to that date, as the SSA will treat your entitlement as starting slightly earlier.