Timing social security

[Sarah S]

I know the answer must be here somewhere. I just can’t find it. I will reach FRA in mid October. I know that an October check would start in November. Do I apply for October or November start date? Similarly if I wanted to wait until 70 ( birthday mid June) is it June or July I would apply for? And lastly if I wanted to start in between those ages I know beginning of the year has some advantage so it that December with check in January or January with check in February?

I am guessing the last answer is January ?

 

[pb4uski]

Just going from memory from when DW started but we did it online 1-2 months earlier and just specified when we wanted the checks to start.

 

[MissMolly]

I know the answer must be here somewhere. I just can’t find it. I will reach FRA in mid October. I know that an October check would start in November. Do I apply for October or November start date? October Similarly if I wanted to wait until 70 ( birthday mid June) is it June or July I would apply for? June And lastly if I wanted to start in between those ages I know beginning of the year has some advantage so it that December with check in January or January with check in February? January with check in Feb

I am guessing the last answer is January ?

See responses in red

 

[Sarah S]

Thanks that was my guess but being ocd wanted to be sure

 

[REWahoo]

I know the answer must be here somewhere. I just can’t find it. I will reach FRA in mid October. I know that an October check would start in November.

To set expectations, my understanding (and actual experience) is that unless your birthday is the 1st or 2nd of October, your first check would not arrive until December. SS's reasoning is something along the lines that the first complete month you will qualify will be November, and you will receive your first payment the following month.

 

[xlf11]

Between FRA and 70, your delayed credit won't kick in until next Jan. So the best seems to start the SSB in Jan. (paid in Feb.) if you want to get the full delayed credit. The official date you can start the app is 3 months before intended starting SSB month (but you can also apply backdated benefit as well). Also, make sure your Direct Deposit bank info correct and current as changing DD may take much longer than regular payroll (about 60 days on the website).

 

[Freedom56]

My company pension trustee sent me a letter indicating that my 62nd birthday is coming up and that they will be reducing it by the amount of my estimated SS payment at age 62. I have a level income pension. Considering the break-even math associated with delaying my SS, I applied online and it was approved in about three weeks. Our current pension covers all our expenses with the exception of excess income tax from taxable investments. Healthcare insurance premiums are our number one expense and we receive no subsidies. So the SS income will more than cover our health insurance premiums until Medicare eligibility. Other than paying income tax on taxable interest income not covered by our pension income, we have not withdrawn any funds from our investments since retiring seven years ago. So our capital has continued to grow. So my pension will be reduced on the month of my 62nd birthday. My SS payments will start one month after my 62nd birthday (not the following month). My wife has 8 years to go before age 62.

 

[pb4uski]

Between FRA and 70, your delayed credit won't kick in until next Jan. So the best seems to start the SSB in Jan. (paid in Feb.) if you want to get the full delayed credit. The official date you can start the app is 3 months before intended starting SSB month (but you can also apply backdated benefit as well). Also, make sure your Direct Deposit bank info correct and current as changing DD may take much longer than regular payroll (about 60 days on the website).

What you wrote above is true between FRA and before age 70... but if you start collecting benefits at age 70 then you get your delayed retirement credits right away.

... If you file for Social Security after FRA but before age 70, your delayed retirement credits are added to your benefit payment starting in January of the year after you earned them. If you wait until you turn 70, you get all your credits right from the first payment. ...

https://www.aarp.org/retirement/social-security/questions-answers/delayed-retirement-credits.html

The other thing that I have heard is that if you are applying for benefits through an SSA employee, then you need to be clear as to when you want your benefits will begin becuse if you are not clear they typically backdate the benefits start by as much as six months.

 

[MissMolly]

To set expectations, my understanding (and actual experience) is that unless your birthday is the 1st or 2nd of October, your first check would not arrive until December. SS's reasoning is something along the lines that the first complete month you will qualify will be November, and you will receive your first payment the following month.

The "having to be a certain age" by the first of the month only applies if you are filing at 62 years old. You have to be 62 for an entire month first. However, after that your birth month (not necessarily the 1st of the month) determines your age.

 

[REWahoo]

The "having to be a certain age" by the first of the month only applies if you are filing at 62 years old. You have to be 62 for an entire month first. However, after that your birth month (not necessarily the 1st of the month) determines your age.

Thanks for the clarification.