Steps to apply for SS

[Time2]

I've decided to start our SS beginning in Jan 2024. I previously had planned on waiting until I was 70 to increase wife's income after I'm gone and to make more room for Roths. But, I'm tired of waiting, the tIRAs have been pretty well trimmed and I have some health concern. I'll be 69 in March 2024, I igure I might as well maximize the SS we receive in 2024. So, I'd like to get our first checks in January 2024. We have plenty of assets, so this will just reduce withdrawals from them. (probably withdraw ~1%)

Can I rely on the SS statements I download each year as to the amounts?
Do I need to do any do diligence on the SSA website?
When should I apply?
Do I start in Dec. so I get my first check in Jan?
Any other advice?

Thanks All.

 

[jebmke]

I applied in September to start in January (first payment in Feb). The SSA site may not have the latest calculation of the benefit. I used AnyPIA to do my own calc. When they finally sent me a determination letter the amount was incorrect. If filed an appeal in late January and they corrected it in time for the February start of payment.

 

[MissMolly]

You should not start your checks in January. You should start your checks in February. Since SS is paid one month in arrears, that means you apply with a January start date to receive the first check in February. Otherwise you will lose all your delayed credits for 2023 and won't begin receiving them until 2025. And they will never go back and make up the 11 months of delayed credits for 2023 that you didn't receive in 2024. They will just be gone forever. Personally, I would just wait until I was 70 years old. It's only another couple of months.

 

[Dash man]

When I applied, I chose to call the national number to set up a telephone appointment. I recommend you do that because when you have your telephone appointment, you can ask any questions you may have and pick the month you want to begin receiving SS. It was a piece of cake.

 

[Time2]

You should not start your checks in January. You should start your checks in February. Since SS is paid one month in arrears, that means you apply with a January start date to receive the first check in February. Otherwise you will lose all your delayed credits for 2023 and won't begin receiving them until 2025. And they will never go back and make up the 11 months of delayed credits for 2023 that you didn't receive in 2024. They will just be gone forever. Personally, I would just wait until I was 70 years old. It's only another couple of months.

Actually if I wait and start Feb of 2025, it another 12 months.


Someone might explain the delayed credits that I would get by waiting one month. I don't understand that.

 

[MissMolly]

Actually if I wait and start Feb of 2025, it another 12 months.


Someone might explain the delayed credits that I would get by waiting one month. I don't understand that.

You can read about it here. Also, once you are 70 there is no delay. All DRCs are applied immediately. https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm

 

[MarieIG]

You should not start your checks in January. You should start your checks in February. Since SS is paid one month in arrears, that means you apply with a January start date to receive the first check in February. Otherwise you will lose all your delayed credits for 2023 and won't begin receiving them until 2025. And they will never go back and make up the 11 months of delayed credits for 2023 that you didn't receive in 2024. They will just be gone forever. Personally, I would just wait until I was 70 years old. It's only another couple of months.

Under the circumstances, I too would wait until 70. (But maximizing survivor income is very important to me.)

 

[statsman]

You can read about it here. Also, once you are 70 there is no delay. All DRCs are applied immediately. https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm

For me, this link did not clear up this subject at all. Given I'll most likely be starting SS before FRA, I'm guessing it won't matter in my case.

 

[jebmke]

Under the circumstances, I too would wait until 70. (But maximizing survivor income is very important to me.)

me too. I think it adds 8%real to the benefit level which is a big deal for recipient and survivor.

 

[LiveBelowMeans]

with the health concerns, why not start now?

 

[latexman]

I'm going out on a limb here!
Normally, SS calculates DRCs at the end of each year.
If one claims to start in January (paid Feb.) and they are between FRA and 70, they are good.
If one claims to start in Feb. to Nov. and they are between FRA and 69+11 months, they do not get the current years DRCs, until the end of the year calculation.
If one claims to start when they turn 70, no matter when, SS does the DRC calulation just for you and you are made whole.

I'm not sure about the Nov. part of "Feb. to Nov. ". Maybe it's Feb. to Dec.

 

[MissMolly]

For me, this link did not clear up this subject at all. Given I'll most likely be starting SS before FRA, I'm guessing it won't matter in my case.

Correct. DRCs only start accruing after full retirement age.

 

[House Divided]

I summited my application online on July 13 to start in September I will be 66 and my FRA is 66.5. I will get my first deposit in October. It's been about 2 weeks since I submitted it and it's in step 2 of 3 in the process. Hopefully there won't be any surprises.

 

[jebmke]

I summited my application online on July 13 to start in September I will be 66 and my FRA is 66.5. I will get my first deposit in October. It's been about 2 weeks since I submitted it and it's in step 2 of 3 in the process. Hopefully there won't be any surprises.

In my experience you may not hear from them until late August or even into September.

 

[Time2]

Under the circumstances, I too would wait until 70. (But maximizing survivor income is very important to me.)

with the health concerns, why not start now?

I have it figured that collecting a year early will reduce my maximum check by only $2,628 a year. Which is not really going to make much difference to my wife's spending. She's still very frugal, I don't see her changing her ways. We over saved, With SS our portfolio spend can comfortably be under 1%. Meaning, if there is any stock market growth, the portfolio will grow. We also have a piece of land positioned where the state is going to widen the road, so we will get some money for that, the property will become more valuable because of the widening. I have carried the property in my net worth at the same price we paid 13 years ago, I expect when we sell it will add $150k to $300k to my net worth. All that to say, I have no financial concerns for my wife when I'm gone.
As far as my health, my 50th HS reunion is in Aug, I see on the class memorial page that at least 1/3 of my class has died, Makes ya think!
Tina's gone, Glen Frey, Randy just died, a lot of the Rock N rollers our age are passing, just sayin. As far as my health, over 1-1/2 yrs ago I had some high white blood cell counts, after the high 3rd test, doc sent me to a hematologist, softer way to say (cancer doctor). After a bone marrow biopsy, was told, "it is a wait and watch situation". Five months ago white blood cells were normal, that's good, but... Next appointment is in Aug.
Fingers crossed.

So, for these reasons I'm asking about the process to apply for SS.

 

[SevenUp]

There is a detailed explanation of the timing for receiving Delayed Retirement Credits (DRCs) at the following post in Bogleheads® Live: Submit ?s for Mike Piper on Social Security.

 

[11522914]

Correct. DRCs only start accruing after full retirement age.

So what are the monthly credits called prior to full retirement age? And do they work the same way. This is confusing to me

For instance I turned 62 in June 2022. I now have 13 months of credits. So if I started collecting in August 2023 will I receive my 13 month increased benefit as shown on my SS statement?

TIA

 

[Dash man]

I summited my application online on July 13 to start in September I will be 66 and my FRA is 66.5. I will get my first deposit in October. It's been about 2 weeks since I submitted it and it's in step 2 of 3 in the process. Hopefully there won't be any surprises.

That’s the advantage of applying by telephone appointment. You’re approved immediately.

 

[MissMolly]

So what are the monthly credits called prior to full retirement age? And do they work the same way. This is confusing to me

For instance I turned 62 in June 2022. I now have 13 months of credits. So if I started collecting in August 2023 will I receive my 13 month increased benefit as shown on my SS statement?

TIA

They aren't called anything. You don't get delayed retirement credits until after full retirement age. A DRC increases what you would receive at full retirement age. If you claim SS prior to full retirement your amount is reduced.

 

[Dash man]

I have it figured that collecting a year early will reduce my maximum check by only $2,628 a year. Which is not really going to make much difference to my wife's spending. She's still very frugal, I don't see her changing her ways. We over saved, With SS our portfolio spend can comfortably be under 1%. Meaning, if there is any stock market growth, the portfolio will grow. We also have a piece of land positioned where the state is going to widen the road, so we will get some money for that, the property will become more valuable because of the widening. I have carried the property in my net worth at the same price we paid 13 years ago, I expect when we sell it will add $150k to $300k to my net worth. All that to say, I have no financial concerns for my wife when I'm gone.
As far as my health, my 50th HS reunion is in Aug, I see on the class memorial page that at least 1/3 of my class has died, Makes ya think!
Tina's gone, Glen Frey, Randy just died, a lot of the Rock N rollers our age are passing, just sayin. As far as my health, over 1-1/2 yrs ago I had some high white blood cell counts, after the high 3rd test, doc sent me to a hematologist, softer way to say (cancer doctor). After a bone marrow biopsy, was told, "it is a wait and watch situation". Five months ago white blood cells were normal, that's good, but... Next appointment is in Aug.
Fingers crossed.

So, for these reasons I'm asking about the process to apply for SS.

Yeah, I took SS at 64-10 because of my coronary artery disease. I turn 67 next week and my folks died at 61 and 72. I may live much longer, but we’re well set financially too. DW will be getting her SS at age 70 and hers will be higher than mine anyway. She’s two days older than me.

 

[Time2]

Yeah, I took SS at 64-10 because of my coronary artery disease. I turn 67 next week and my folks died at 61 and 72. I may live much longer, but we’re well set financially too. DW will be getting her SS at age 70 and hers will be higher than mine anyway. She’s two days older than me.

My dad died at 74, but he had his first heart attach at 43. At 68 I have had no hint of any heart trouble. Mom died at 84 with COPD after smoking most of her life. I have never smoked, I'm hopeful I will outlive them. Except for this pesky blood problem, I'm healthy and vigorous.