When should I file for SS (unique case) (social security, 2014, retired)

[Rich Cabeza]

I work for a school system and when I (or anyone else) retire I'll finish the year in late June. Around July 7-9 I'll get a check for the month of July, August and a portion of my sick time. I get this money cause the pay year ends at the end of August. So, should I start my SS at the beginning of July or maybe as late as the beginning of Sept? Does it really matter?

[Escort Rider]

It doesn't much matter in the long run. In the short run, it might matter to you in terms of cash flow. If you need a check every month, then plan it accordingly. For example, if you will get a school district check in July, you could (by "starting" your SS in July) get a Social Security check in August, either on the second, third, or fourth Wednesday in August depending on when your birthday falls.

[HappyDogToday]

How old will you be when you file? If less than FRA you will want to have your first SS payment come from the first full month that you no longer get paid from your job or you might exceed the 1410 per month income cap.
Also, remember you get paid after your payment month. So if you get your first SS check for July, your deposit goes in the bank in August, for example.

[mathjak107]

the month you file matters after fra . prior to fra you get paid for every month up until you collect .

after fra payments are increased in january of the following year only , for the credits from the previous year .

you actually lose some money you gained in retro if you file at anytime earlier than january and never get that money back .

so if you collect in october you get the previous january's rate . comes the next january you get in increased for the 9 months you delayed but you never get the additional money for october ,nov and december .

if you waited until january you would get paid at the higher rate for october ,nov and dec .

one of those things few know about ss .

[Rich Cabeza]

Originally Posted by FeelinLow

How old will you be when you file? If less than FRA you will want to have your first SS payment come from the first full month that you no longer get paid from your job or you might exceed the 1410 per month income cap.
Also, remember you get paid after your payment month. So if you get your first SS check for July, your deposit goes in the bank in August, for example.

I was wondering about that 1410 too. I will be 64 in June. In July I will get paid a lump sum for July and August. Are you saying any money I get from SS before August will be counted as working while collecting SS? But the cap is yearly not monthly so would it matter?

[mathjak107]

nothing is counted prior to you filing . we all work through the year then at some point retire , we then collect without being penalized that year for income prior to filing . .

what can be an issue is if you have a large income within 2 years of medicare . your premiums are based on income 2 years prior whether you were retired or not .

we sold an asset in 2014 before we were retired or on medicare . in 2016 our premium jumped an addition 300 bucks per person a month because of the sale 2 years prior .

if that happens take a shot getting an appeal . we did and the social security examiner actually found a few technicality's to grant us a roll back .

[Rich Cabeza]

So the question is, if I get a final lump sum check the first week of July for July and August when should I request to get my first SS check? Also, would waiting till after August jack a check up a few $$ since that money may be fudged into the monthly benefit?

[HappyDogToday]

I dunno, OP. If I were in your situation I'd call the 800 number on the SS website or visit your local SS office and see what they say. I've had a positive experience doing both to get answers.