EXECUTIVE SUMMARY:
If you are not currently working, there is no increase in benefits beyond age 70. There is no advantage to delay claiming social security benefits after you attain age 70. Claiming your benefits at age 70 entitle you to receive the maximum benefit available based on your earnings history. When you're ready to claim, click this link: https://www.ssa.gov/benefits/forms/ or call 1-800-772-1213. 😊
1. How early do I need to sign up to begin collecting? since you're already 69.5, I would be looking into starting the process now in the event of Covid delays or another shutdown, typically you would begin the process a few months before you reach FRA or the age you choose to begin.
2. I've seen the age to begin collecting is 70 but have also seen 70.5. Which is correct? age 70
3. Are there any benefits to delaying collecting? not past age 70 in terms of the benefit you would receive if you're not working.
4. Are there any downsides to delaying collecting? not receiving the benefit may be considered a downside but you also would not be paying tax on the taxable portion of the benefit in the event your benefits were taxable based on your Income. To determine if your benefits may be taxable, click this link: https://www.ssa.gov/benefits/retirement/planner/taxes.html
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