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Does it matter what month you take social security?
09-19-2021, 05:10 AM
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#1
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 380
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Does it matter what month you take social security?
Specifically is there some benefit to starting in December versus January? I have a vague recollection someone once posted there was but can not find it anywhere. Something about cost of living adjustment I think
I know the amount increases the longer you wait until you are 70 this isn’t about whether to take it early just should I rush to apply for December
Thank you
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09-19-2021, 06:57 AM
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#2
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 399
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Good question. Would either start date get the benefit of the estimated 5% COL increase?
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09-19-2021, 07:04 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,596
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The increased benefits of Social Security are calculated monthly and you will a small percentage more in January than the prior December just for waiting an extra month to claim. If you claim in January, your first ck will arrive in February. COLA's are effective for the January payment following the increase(payment arrives in February).
__________________
Retired May 13th(Friday) 2016 at age 61.
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09-19-2021, 07:04 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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If you are filing at any point between full retirement age and age 70, and you file to start in any month other than January, Delayed Retirement Credits (DRC) will not be applied until the following January. All benefits will get the added COLA whether you have taken your benefit or not as long as you are 62.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 07:19 AM
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#5
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 380
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Quote:
Originally Posted by MissMolly
If you are filing at any point between full retirement age and age 70, and you file to start in any month other than January, Delayed Retirement Credits (DRC) will not be applied until the following January. All benefits will get the added COLA whether you have taken your benefit or not as long as you are 62.
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this is what I was thinking of but It sounds like if someone applies for December it would affect December and then right itself in January and Starting January would be fine but starting in February would have a downside. Also I think this doesn’t apply to me because I haven’t reached full retirement age? Is there any corresponding concern for my situation?
Thank you Miss Molly
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09-19-2021, 08:09 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by Sarah S
this is what I was thinking of but It sounds like if someone applies for December it would affect December and then right itself in January and Starting January would be fine but starting in February would have a downside. Also I think this doesn’t apply to me because I haven’t reached full retirement age? Is there any corresponding concern for my situation?
Thank you Miss Molly
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If you file prior to full retirement age then DRCs do not apply.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 08:11 AM
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#7
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Recycles dryer sheets
Join Date: Dec 2016
Posts: 411
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Here's the POMS on DRC credit:
https://secure.ssa.gov/apps10/poms.nsf/lnx/0300615690
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09-19-2021, 08:14 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Apex and Bradenton
Posts: 1,762
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Quote:
Originally Posted by MissMolly
If you are filing at any point between full retirement age and age 70, and you file to start in any month other than January, Delayed Retirement Credits (DRC) will not be applied until the following January. All benefits will get the added COLA whether you have taken your benefit or not as long as you are 62.
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What about AT age 70? That's my current plan.
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09-19-2021, 08:21 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by latexman
What about AT age 70? That's my current plan.
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At age 70 you get all your DRCs applied immediately. No waiting until January of the following year.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 08:24 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Apex and Bradenton
Posts: 1,762
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Good Golly, MissMolly, you are the best!
Is one ever made whole if they claim between FRA and 70 (not in Jan)?
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09-19-2021, 08:51 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by latexman
Good Golly, MissMolly, you are the best!
Is one ever made whole if they claim between FRA and 70 (not in Jan)?
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I am not positive, but I pretty sure the answer is no.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 09:37 AM
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#12
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 317
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My FRA was this past May I was planning on waiting until next May to file, and was counting on the 8% extra that I've read you get by waiting each year past FRA.
Are you saying I have to wait another year to receive this?
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09-19-2021, 10:06 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by Livefree
My FRA was this past May I was planning on waiting until next May to file, and was counting on the 8% extra that I've read you get by waiting each year past FRA.
Are you saying I have to wait another year to receive this?
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What I am saying is DRCs are only applied in January of each year (except when file in your birth month at age 70). If you are over FRA but not age 70 and you file in May 2022, your DRCs from May 2021 to Dec 2021 will be applied in January 2022, so you will receive those. Your DRCs from January 2022 to May 2022 will be applied in January 2023.
Maybe this will help https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 10:19 AM
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#14
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Full time employment: Posting here.
Join Date: Nov 2020
Posts: 743
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I'm confused. If you are waiting til after FRA to claim, should you claim in January?
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09-19-2021, 10:21 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by qwerty3656
I'm confused. If you are waiting til after FRA to claim, should you claim in January?
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If you want to get all your up-to-date earned DRCs, then yes.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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09-19-2021, 10:21 AM
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#16
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 317
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Quote:
Originally Posted by MissMolly
What I am saying is DRCs are only applied in January of each year (except when file in your birth month at age 70). If you are over FRA but not age 70 and you file in May 2022, your DRCs from May 2021 to Dec 2021 will be applied in January 2022, so you will receive those. Your DRCs from January 2022 to May 2022 will be applied in January 2023.
Maybe this will help https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm
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Got it..Thanks
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09-19-2021, 10:38 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,972
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I think I understand (read the ssa info too).
Please tell me if I'm wrong:
Suppose I'm 69 in October this year and I claim SS when I'm 69 in October.
I would get delayed credits up to January of this year for delaying until 68.25 (age in Jan).
Payment would be for Oct -> Dec based on the DRC of 68.25
Then January next year payments would be based on DRC of 69.
I would actually miss out on the extra amount for the months of Oct -> Dec of this year, since they didn't consider I was really .75 yrs older.
They won't send me a "make up" check for the amount missed for the 3 months.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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09-19-2021, 10:48 AM
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#18
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Full time employment: Posting here.
Join Date: Nov 2020
Posts: 743
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Quote:
Originally Posted by MissMolly
If you want to get all your up-to-date earned DRCs, then yes.
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Sorry to be so dense. My birthday is in June and I was planning to wait til I was 70. Do I claim in January of that year (i.e. 69 1/2), January of the next year (i.e. 70 1/2) or June (70).
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09-19-2021, 11:16 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,972
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Quote:
Originally Posted by qwerty3656
Sorry to be so dense. My birthday is in June and I was planning to wait til I was 70. Do I claim in January of that year (i.e. 69 1/2), January of the next year (i.e. 70 1/2) or June (70).
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The SS document says if you apply at age 70, they calculate all your DRC up to age 70 when you apply.
You would claim for age 70, you can start the process before age 70, but be sure to tell SS , the effective date is 70.
Some SS workers will "give" you a "bonus" by backdating your application 6 months, making your effective claim 69.5 , which is not a bonus as now you get reduced benefits for life.
IF I'm wrong, folks let me know as this is my plan so far too.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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09-19-2021, 12:35 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,130
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Quote:
Originally Posted by Sunset
I think I understand (read the ssa info too).
Please tell me if I'm wrong:
Suppose I'm 69 in October this year and I claim SS when I'm 69 in October.
I would get delayed credits up to January of this year for delaying until 68.25 (age in Jan).
Payment would be for Oct -> Dec based on the DRC of 68.25
Then January next year payments would be based on DRC of 69.
I would actually miss out on the extra amount for the months of Oct -> Dec of this year, since they didn't consider I was really .75 yrs older.
They won't send me a "make up" check for the amount missed for the 3 months.
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You got it.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
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