Social Security Start at age 70

Everyone has different situations that can affect when they choose to start taking Social Security payments. Some of my friends started at age 62 and some waited till age 70. For your situation it would be good to visit with your Financial Planner and your local Social Security Office.

Darlene and myself have a plan to wait till age 70 for our situation. We want to max out our monthly Social Security benefit that we possibly could get. Of course, we still have sixteen years to wait until that time but we hope our other Investments maintain us so we don’t need to touch Social Security.

Social Security website said the following – “If you were born between 1943 and 1954 your full retirement age is 66. If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.

The chart below explains how delayed retirement affects your benefit. The increase is based on your date of birth and the number of months you delay the start of your retirement benefits. If you start receiving retirement benefits at age:

  • 67, you’ll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months.
  • 70, you’ll get 132 percent of the monthly benefit because you delayed getting benefits for 48 months.

When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.” See the link in the below show notes.

We print off our Social Security statement each year to check and make sure they have our correct past years income. Plus, it is fun to see what the projected benefit amount is at different ages. Hopefully our elected officials don’t take away from Social Security and help protect it for future generations. Remember I am not giving you any financial or legal advice, this is just for entertainment purposes and see my Disclaimer Page.

Here are some reasons that people I have talked with decided to start taking Social Security payments early;

  • My Dad had been laid off from his Factory job and had found a job that paid half of what he made at the Factory. He had no savings but was debt free. So, he decided to start at age 62.
  • A friend that was a School Teacher from up north started at age 62 because most of his family members never made it to see age 70. He felt he wouldn’t live long enough to have it be more beneficial to wait. He had enough savings to wait but wanted to start early so he could save more money up to pass on to his kids someday.
  • A guy I met on the driving range started at age 62 because of his wife’s health condition. She was in bad shape and they didn’t have any savings. He felt they needed some income coming in to help put food on the table. He couldn’t work much because he was taking care of her or running her to doctor appointments.

As you can see it isn’t an easy black and white decision for everyone to choose what age to start taking Social Security payments. It is good to work with someone on figuring out when to start. Make a list of the Pros and Cons of waiting until age 70 to start. You can also do some math to figure out what age you would have to live to before waiting till age 70 to start was beneficial.

CNBC said that the break-even can range from age 77 to age 83. Go see there examples from the link in the show notes. One example they showed was for the Top Wage owner waiting from age 62 to age 70 had a break-even age of 80 and 81.

What age did you start taking Social Security? If you haven’t started yet then what age do you plan on starting at? Why did you choose that age?


Here are two positive quotes I like; “There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

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Sources and Resources from Podcast (Available in Show Notes)

  1. Social Security Stats from https://www.ssa.gov/planners/retire/1943-delay.html
  2. Social Security Break-even Points https://www.cnbc.com/2018/08/13/those-social-security-break-even-calculations-can-be-misleading.html

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