Planning for beginning your Social Security benefits - MSN
When you are ready to start your Social Security benefits you have to plan on a month without a payment. Social Security pays one month behind. For example, if you start your benefits in June, you won’t receive your first payment until July. Social Security lets you apply up to four months in advance to ensure your benefits start on time. If you are younger than your full retirement age (FRA) when you begin your benefits, the month you start your benefits will include your earnings in the month you begin even though you won’t receive that payment until the following month. Social Security counts your earnings by the date they are earned, not by the date they are received. For example, you work in May and want to start your benefits in June, even though you won’t receive your final payment from work until June, as the money was earned prior to June, it won’t affect your June benefit payment. Then of course, if you start your benefits before your FRA, you will be subject to an earnings limit if you plan on continuing to work. That is another topic. To read the attached article by Diego Perez Morales click here…
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