Month to begin benefits (social security, 2014, payments, security)
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I will turn 70 in August 2017. I want to maximize benefits because I am effected by the WEP. To maximize should I begin benefits in August or September 2017?
When I was about to turn 70 last Aug 2014, I started the application for age 70 delayed benefits (DRC) in May of 2014. (You should apply 3 months before start date) I requested an August start date, with first payment in Sept. I am now receiving 100% of the age 70 increase over FRA.
Based on my experience, I would suggest you not do an on-line application, make an appointment at an SSA office. What happened to me was the first "award letter" amount only showed my FRA amount. SSA said I needed to file an appeal in writing, as the only way to get this error corrected. I did that, and it was corrected with retroactive payments for the 2 months I received the FRA amount. Looking into the issue, it appears the on-line application system only handles standard FRA applications without errors.
a little known fact is that delayed ss credits earned the current year do not get payed as soon as you file in that year .
accumulated credits for waiting past fra get calculated every january for payment .
so hypothetically if i file in oct when i am 68 my first check will not include any delayed credits earned that year. they will pay me a lower amount right out of the box and increase me in january based on those credits for the past year . while i get that amount going forward i lose that extra money from the delayed credits i earned that year forever .
it would always be better to file in january of the following year you planned on if mid year since your first checks will include all the previous credits as well as waiting a bit longer earns you more credits you will be payed on in your first checks.
after age 70 though there is no benefit increase by waiting.
bet no one ever got this advice from the workers at social security.
My 70th birthday is in November of 2018, and I plan to collect my max SS by waiting until then to claim benefits.
mathjac said:
Quote:
Delayed ss credits earned the current year do not get payed as soon as you file in that year. Accumulated credits for waiting past FRA get calculated every January for payment. While I get that amount going forward, I lose that extra money from the delayed credits I earned that year forever.
I will complete an app for benefits in August of 2018 (three months ahead of my 70th birthday).
@mathjac, I think you're telling me that for the remainder of 2018, I'll receive my benefit without 2018's delayed credits. I also think you're saying that my benefit checks in 2019 will include the delayed credits from 2018, but that I will never be paid for the delayed credits from my one payment in 2018.
Is that correct?
(And of course there would be no point in my waiting until the following January, since I would miss out on one entire monthly payment.)
My 70th birthday is in November of 2018, and I plan to collect my max SS by waiting until then to claim benefits.
mathjac said:
I will complete an app for benefits in August of 2018 (three months ahead of my 70th birthday).
@mathjac, I think you're telling me that for the remainder of 2018, I'll receive my benefit without 2018's delayed credits. I also think you're saying that my benefit checks in 2019 will include the delayed credits from 2018, but that I will never be paid for the delayed credits from my one payment in 2018.
Is that correct?
(And of course there would be no point in my waiting until the following January, since I would miss out on one entire monthly payment.)
The process that Mathjak outlined does not apply to a claim for "delayed retirement credits (DRC)" at or after attaining age 70. Only claims made before age 70 , and after FRA.
where it says:
" B. When benefits are increased because of increment months
DRC increases are effective:
in January of the year following the year the increment months were earned;
in the month of attainment of age 70; or
in the month of death of the NH, for widow(er)s benefits with DRCs."
BTDT
When I was about to turn 70 last Aug 2014, I started the application for age 70 delayed benefits (DRC) in May of 2014. (You should apply 3 months before start date) I requested an August start date, with first payment in Sept. I am receiving 100% of the age 70 increase over FRA.
So I read this thread and I need clarification. If my fra is 66 and 4 months and my birthday is in February, if I decide to wait until age 68, for example, to claim benefits, how would this affect me? To get the benefit of waiting, would I need to wait until the January before I turned 69 or would there be any benefit in filing mid-year?
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