Retiring at 70 in 2026? What to Know Before You Claim Social Security
- - Retiring at 70 in 2026? What to Know Before You Claim Social Security
Katy WillisJanuary 1, 2026 at 5:10 AM
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Turning 70 can feel like a line in the sand. Having spent decades working, saving, and watching the rules around retirement shift, you're now facing what life looks like after a paycheck and how Social Security fits in. Age 70 is the latest you can wait to claim retirement benefits and still get rewarded for delaying.
After this age, your check doesn't grow any further just for waiting, so many people choose to claim Social Security or fully retire at this age. If you're planning to retire or claim in 2026, you how much you're entitled to, what deductions you're likely to face, and what your net deposit will actually be, so you can optimize your retirement plan.
Find Out: 14 benefits seniors are entitled to but often forget to claim
Why age 70 is such a big Social Security milestone
For most people, Social Security can be claimed any time after 62. Your full retirement age (FRA) is usually 66 to 67, depending on your birth year. If you claim before your FRA, your monthly benefit is permanently reduced.
If you wait past FRA, you earn delayed retirement credits (DRCs) at around 8% per year, up to age 70. That gives you a potential increase of roughly 24% per month for life over claiming at a FRA of 67. If your benefit would've been $2,000 a month at FRA, delaying to 70 would put your benefit around $2,480 per month.
Remember, DRCs stop at 70. Therefore, waiting beyond that age doesn't earn you any extra, and you don't get back pay for the months you waited after 70.
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How your Social Security benefit is calculated at 70
Your age is only part of the story. The base amount of your Social Security check comes from your work history. Social Security looks at your 35 highest-earning years in jobs that paid Social Security tax. Then it adjusts those earnings for inflation and runs them through a formula to find your primary insurance amount (PIA), which is your full benefit amount at FRA.
If you claim at FRA, you get 100% of your PIA. If you wait past FRA, your benefit gets bumped up each month with delayed retirement credits until age 70. Those credits work out to about an 8% increase each year you delay beyond FRA, up to that cap.
By the time you reach 70 in 2026, your monthly benefit reflects three main pieces:
Your lifetime earnings record (top 35 years)
Any reductions or increases based on when you claimed
All COLAs that have been applied along the way, including the 2.8% for 2026
Medicare costs and coverage when you claim in 2026
Most people start Medicare at 65, so by 70, you may already be enrolled. If you delayed Part B because you had employer coverage, age 70 is a common time to review your health insurance and make sure there are no gaps or penalties.
In 2026, the standard monthly premium for Medicare Part B is $202.90, and the annual Part B deductible is $283. The Part A inpatient deductible is $1,736. When you start Social Security at age 70, your Part B premium is usually taken straight out of your monthly benefit. If you also have a standalone Part D drug plan or a Medicare Advantage plan, those premiums may come out of your Social Security check as well. That means the amount you actually see deposited in your account will likely be lower than your gross figure.
Higher-income retirees may also face an income-related monthly adjustment amount (IRMAA) on Parts B and D. These are extra surcharges added to premiums when your income crosses certain break points. For 2026, these surcharges can add anywhere from about $80 to almost $500 per month for Part B alone, depending on your income level two years prior.
This is where timing matters. At age 70, your Social Security benefit, plus withdrawals from retirement accounts and any part-time work, all show up in the income numbers used to set future IRMAA levels. Understanding those moving parts helps you see why your net check may be smaller than the headline benefit amount.
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Work income and savings as you approach 70
Many people today work into their late 60s. Sometimes even past 70. Either by choice or from necessity. Once you reach full retirement age, there is no Social Security earnings limit. That means if you turn 70 in 2026 and start benefits, you can keep working and earn as much as you like without having any of your monthly Social Security check withheld.
Your earnings can still affect taxes and Medicare premiums, but they no longer cause your Social Security payment itself to be reduced. In fact, if you have a particularly strong year of income at 69 or 70 and it's higher than one of your earlier low-earning years, it can sometimes replace that year in your 35-year record and raise your monthly benefit amount.
Savings play a bigger role in your early 70s as well. Under current rules, many people must start required minimum distributions (RMDs) from traditional IRAs and most employer retirement plans at age 73. The first distribution is generally due by April 1 of the year after you reach that age.
Those withdrawals are usually taxable and stack on top of your Social Security income. For some retirees, that combination can push them into higher tax brackets or trigger IRMAA surcharges on Medicare.
Bottom line
Social Security is often the foundation of retirement income, but it rarely stands alone. Pensions, 401(k)s and IRAs, annuities, brokerage accounts, and part-time work all layer on top. If a 70-year-old in 2026 has Social Security, plus RMDs, plus a little part-time work, they might find they're paying more taxes and end up subject to higher Medicare costs.
For a stress-free retirement, it might be worth talking to a professional retirement planning expert. Remember that even if you choose to continue to work after 70, there's rarely any point in waiting to claim your retirement benefits, because you don't gain anything for delaying further.
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