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How Much Can I Get If I Retire at 70?

Published in Social Security Retirement Benefits 3 mins read

If you choose to retire at age 70, you can potentially receive the maximum Social Security benefit, which for 2025 is $5,108 per month. This translates to $61,296 annually in maximum benefits.

Maximum Social Security Benefits at Age 70

Retiring at age 70 allows you to claim the highest possible Social Security benefit. This is because delaying your claim past your Full Retirement Age (FRA) accrues "delayed retirement credits," which permanently increase your monthly payment. The maximum benefit amount changes each year due to cost-of-living adjustments (COLAs) and other factors.

Here's a comparison of the maximum benefits for those retiring at age 70 in recent years:

Retirement Year Monthly Maximum (Age 70) Annual Maximum (Age 70)
2024 $4,873 $58,476
2025 $5,108 $61,296

It's important to understand that these figures represent the maximum possible benefits. Not everyone will qualify for this amount.

Factors Influencing Your Social Security Benefits

While retiring at age 70 helps maximize your benefits, your individual Social Security payment depends on several key factors:

  • Earnings History: Your benefit is calculated based on your average indexed monthly earnings (AIME) over your 35 highest-earning years. To receive the maximum benefit, you generally need to have consistently earned the maximum taxable amount subject to Social Security taxes throughout your career.
  • Years Worked: You typically need to have worked and paid Social Security taxes for at least 10 years (earning 40 credits) to be eligible for retirement benefits.
  • Full Retirement Age (FRA): Your FRA is the age at which you are eligible to receive 100% of your primary insurance amount (PIA). This age varies depending on your birth year, typically falling between 66 and 67. Claiming benefits before your FRA results in a permanent reduction, while delaying past your FRA increases your benefit.

Understanding Delayed Retirement Credits

Delaying your Social Security claim beyond your Full Retirement Age (up to age 70) earns you delayed retirement credits. For each year you delay, your benefit increases by a certain percentage, typically 8% per year. These credits are a key reason why retiring at 70 can result in the highest possible monthly payment. Once you reach age 70, your benefits no longer increase from delayed retirement credits, making it the optimal age for maximizing your monthly Social Security income.

Estimating Your Own Benefits

To get a personalized estimate of your Social Security benefits, including what you could receive by retiring at age 70, you can:

  • Create an online account with the Social Security Administration (SSA) to view your earnings record and benefit estimates.
  • Utilize online Social Security calculators provided by reputable financial websites, which can help project your benefits based on your earnings history and desired retirement age.