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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Just because you reach age 65 doesn\u2019t mean you\u2019re ready to stop working. Beyond financial needs, the Centers for Disease Control and Prevention<\/a> noted that work provides social interaction and an improved quality of life for many older adults. Those may be some of the reasons labor force participation rates for older workers are expected to increase through 2030.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n But if you\u2019re approaching age 70 and wondering what happens to your Social Security<\/a> if you continue working, read on to see some things to consider that may impact your finances<\/a>.<\/p>\n Now Is the Time To Claim<\/p>\n Let\u2019s start with this clear guidance from the Social Security Administration<\/a>: If you\u2019re 70 or older, you should apply now for your benefits. The reason is simple \u2014 waiting beyond 70 won\u2019t increase your benefits.<\/p>\n<\/p>\n \u201cMost people assume working longer always means bigger Social Security checks,\u201d said Andrew Lokenauth, founder of Fluent in Finance<\/a>. \u201cHere\u2019s where they get it wrong. The delayed retirement credits that boost your benefit by about 8% per year stop at 70. So if you\u2019re past 70 and haven\u2019t claimed yet, file now, because waiting costs you money every single month.\u201d<\/p>\n \u00a0<\/p>\n Work May Increase Your Benefits<\/p>\n Just to be clear, you can receive benefits even if you still work. Here\u2019s even better news: Your earnings can lead to an increase in your monthly benefit<\/a> (even after you start receiving benefits).<\/p>\n \u201cYour monthly benefit may increase if your new earnings are higher than one of your previous top 35 highest-earning years,\u201d said Marguerita Cheng, CFP, CEO of Blue Ocean Global Wealth<\/a>. \u201cIn other words, your Social Security benefit can increase.\u201d<\/p>\n Keep Taxes in Mind<\/p>\n As with many areas of personal finance<\/a>, experts told GOBankingRates that senior workers need to keep taxes in mind when thinking about how they may work past 70.<\/p>\n \u201cExtra income could still affect how much your Social Security is taxed<\/a>,\u201d said Brandon Gregg, CFP, advisor with BBK Wealth Management<\/a>. \u201cUp to 85% of your Social Security can be taxed depending on how far your income goes up.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Glowimages \/ Getty Images\/Glowimages RF Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased…\n","protected":false},"author":2,"featured_media":623037,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,17299,147,530,1666,733],"class_list":["post-623036","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-gobankingrates","tag-personal-finance","tag-personalfinance","tag-retirement","tag-social-security"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=623036"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/623037"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=623036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=623036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=623036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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