Livens & Reed, PLLC

Long-term care planning for Social Security at age 70

Waiting to claim Social Security until age 70 will boost benefit amounts, but there is no reason to hold off collecting after that point. Financial incentives such as delayed retirement credits end once an individual reaches age 70. In Texas and other states, those planning for long\-term care may want to consider the advantages of waiting. 

Full monthly Social Security benefits are based on earnings and can be collected once a person reaches the full retirement age of 66 or 67, depending on birth year. Seniors who wait until age 70 can boost benefits by eight percent for each year that they hold off collecting. Statistics show that only three percent of people wait until age 70, even with the lure of free money. The most popular age is 62, even though filing early means reduced benefits. 

Those seniors who have unexpected health issues or are in poor health may benefit from filing sooner rather than later. It is not easy to think about one's mortality, and for some, the decision to file early is often determined by current health issues and life expectancy. Social Security may be a vital source of income during senior years, so it is important to choose wisely and understand the pros and cons of filing at different times. 

The prospect of planning for retirement and long-term care may seem daunting; however, living out one's golden years should be a happy and joyous time in a person's life. Seniors who are unsure about Social Security benefits and the best time to file may want to consider enlisting the help of an attorney. In Texas, a lawyer who is savvy about Social Security can explain all options and help with the decision-making process.

Source:, "4 Things You Should Know About Filing for Social Security at 70", Maurie Backman, Jan. 24, 2018

No Comments

Leave a comment
Comment Information

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14131 Midway Road
Suite 1100
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed, PLLC

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663