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Different question about "When to start SS?"
Old 09-29-2014, 03:03 PM   #1
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Different question about "When to start SS?"

I turned 70 today so the question is not the usual debate - should I take SS early or take it later. That has already been determined for myself. My question is what month do I enter on the application as the starting month for benefits in order to receive the maximum SS benefits (132% of FRA). Do I enter Sep because that is the month of my birthday or enter Oct since that is the first full month after my birthday?
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Old 09-29-2014, 05:25 PM   #2
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From ssa.gov:

There is no additional benefit increase after you reach age 70, even if you continue to delay taking benefits.

Note: Social Security benefits are paid the month after they are due.

If you tell us you want your benefits to start in May, you will receive your first benefit check in June. (If you want to receive your first benefit check in May, you need to be eligible for benefits in April AND tell us you want your benefits to start that month.)
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Old 09-29-2014, 07:17 PM   #3
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I believe there is an exception if your birthday is on the first of the month. If your birthday is on the first, it is treated as having happened the previous month.
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Old 09-29-2014, 07:30 PM   #4
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Quote:
Originally Posted by Rustward View Post
I believe there is an exception if your birthday is on the first of the month. If your birthday is on the first, it is treated as having happened the previous month.
I believe only on Jan 1 is that true. from Retirement Planner: Benefits By Year Of Birth

Note: If your birthday is on January 1st, we figure your benefit as if your birthday was in the previous year.
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Old 10-03-2014, 04:14 PM   #5
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Quote:
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I believe only on Jan 1 is that true. from Retirement Planner: Benefits By Year Of Birth

Note: If your birthday is on January 1st, we figure your benefit as if your birthday was in the previous year.

This is a quote from the page you linked to. See #2 below.

1. If you were born on January 1st, you should refer to the previous year.
2. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.
3. You must be at least 62 for the entire month to receive benefits.
4. Percentages are approximate due to rounding.
5.. The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The % reduction for the spouse should be applied after the automatic 50% reduction. Percentages are approximate due to rounding.

#1 is really redundant. Item #2 covers that situation.
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Old 10-03-2014, 04:23 PM   #6
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Quote:
Originally Posted by Rustward View Post
This is a quote from the page you linked to. See #2 below.

1. If you were born on January 1st, you should refer to the previous year.
2. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year.

#1 is really redundant. Item #2 covers that situation.

Oh. Nevermind then ;-)
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