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Can My Social Security Increase After Age 70? - Crossroads Today
As many people know, you stand to get a much higher benefit if you wait until you are 70 years old to claim. Indeed, your benefit at age 70 would be 75% more than it would be at age 62 and between 24% and 32% more than it would be at your full retirement age (depending on your year of birth). After your full retirement age you’ll earn Delayed Retirement Credits at 8% per year, up to age 70, when most advisors say your “maximum” Social Security benefit is attained. But is it possible to get a still higher monthly amount after age 70? Well, as explained in this Crossroads Today article by Maurie Backman, it is, but it will mean continuing to work and earn a higher salary than you earned in previous years. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…