Dear Rusty: I have a very simple question: I will turn 70 on September 20th and want to start my Social Security benefits in September. What month should I file my claim? Have there been delays with the reductions in SSA staff? Thank you for your help. Signed: Ready to Claim.
Dear Ready to Claim: Social Security allows you to submit your application for benefits up to 4 months prior to the month you wish benefits to start (you will specify your desired benefit-start-month on the application). Thus, to have your benefits begin in September (the month you turn 70), you can submit your application as early as May 2025. That will give SS plenty of time to get your benefits started on time. Remember, though, that SS pays benefits in the month following the month earned, so if you start benefits in September, you will receive your first SS payment in October (on the 3rd Wednesday). And, since you will be turning 70 in September you are entitled to full benefits effective from the first of that month. Congratulations on choosing a strategy which maximizes your monthly payment. By claiming at age 70, your monthly SS benefit will be about 31% more than it would have been at your full retirement age, and you will get that higher monthly amount for the rest of your life.
Re your question about possible delays, Social Security staff reductions have not included “front line” agents (those who handle applications), so the SS recent staff adjustments should not likely delay processing your application. Although some back-office staffing turmoil currently exists at SSA, they have been moving more people to front-line positions to try to improve their service. Just be aware, however, that it normally takes the SSA about 2 to 3 months to process new applications, which is why they allow applications up to 4 months in advance. You will specify the month you wish benefits to start on your application. In any case, although your application should be fine if you submit it this month, rest assured that they will pay you starting with the month you requested, even if they must do so retroactively.
FYI, you can apply for Social Security in person by making a telephone appointment to do so at 1.800.772.1213, or you can apply online at www.ssa.gov/apply. To apply online, you need to have first created your “my Social Security” online account at www.ssa.gov/myaccount. Here is a video which explains the online application process: www.ssa.gov/hlp/video/iclaim_r01.htm
This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (amacfoundation.org/programs/social-security-advisory) or email us at [email protected].
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I applaud those who have lived to the age where they can receive the maximum return. I’ve known so many that didn’t receive a dime because they didn’t even make it to the minimum age. I took SS at 62 now 72 and for me a “bird in the hand” as they say, but being healthy to reap that added 30% social security windfall vs forfeiting 8+ years of payments until 70 is still a sizeable amount that cannot be recouped unless one beats the odds regarding longevity.
Always been “fascinated” with this concept of “delaying until 70 for SS”: do the recipients know for sure they’ll live past 70, or is it a common “assumption” due to some “statistics/actuaries” (of course, there will always be “exceptions to the rule/statistics!”)? Know of a few situations: “starving”-but-want-to-wait-till-70, collect-early-but-passed-the-day(or-year)-after, wait-till-70-no-matter-what, etc… and etc… One size does not fit all 😉
So lets say you took your S.S. AT 62, 8-years ago and you were eligible for $1,300.00 per month times 12 months equals $15,600.00 a year times 8-years equals $124,800.00
Enough Said!
If you are single, you might strongly consider starting at 62, unless you are continuing to work then you will have to deal with the earnings test and the taxation of your benefits. The breakeven for claiming scenarios of starting at 62 versus FRA is between ages 75-76. The breakeven for claiming scenarios starting at 62 versus age 70 is between ages 79-80.
“I’m Turning 70. When Should I Apply for Social Security?”.
Start at 62! STOP believing the lies! Extending to 67 was a SCHEME to spread out enrollment of entitled enrollees, while minimize the burden on the SS balance sheet!
If you DIED before 67 the government gets your money!
IF you start collecting at 62 and live to 80 YOU WILL RECIEVE substantially more in payout than you paid in and started collecting at 67! I can think of no better way to say KMA to all the money grubbing government schemes that robbed your paychecks. Oh and give the middle finger to, and let those SUCKER SHEEP that fall for the government schemes AND LOVE handing their financial resources to the government for redistribution PAY FOR YOUR windfall over time!