Q & A
Ask Rusty – I’ll be 70 on New Year’s Day. When Should I Apply for Social Security?
Dear Rusty: I was born on January 1st, 1958, so I believe Social Security considers me to be 70 as of December 2027. I’m planning on filing when I turn 70 to maximize the payment. I’m not sure if I should start in December, with the first payment in January 2028. Or should I start in January with the first payment in February 2028? I know I can start anytime; however, I don’t want to file before the maximum payment, even by one month. Signed: Wanting Maximum Benefit
Dear Wanting: You are correct that if your birth date is January 1, 1958, you are entitled to your full age 70 benefit in December 2027. So, if you claim your SS benefit to start in December 2027, you will get your maximum benefit amount, and you will receive that payment in January 2028 (on the 2nd Wednesday). Basically, anyone born on the first of any month is considered to have been born in the previous month for SS benefit purposes.
You can apply for your benefits up to 4 months prior to your birthday month, and SS usually suggests applying about 3 months in advance to give them time to process your application. When you complete the application, you will specify the month you wish your benefits to start, so applying early does not present a problem. You can either call SSA at 1.800.772.1213 to make an appointment to apply over the phone, or you can apply online at www.ssa.gov/apply.
The one thing you might want to do is put the following in the “Remarks” section of your application for SS benefits: “I do not wish to receive any retroactive Social Security benefits. I want my benefits to become effective with the first month of my age 70 eligibility (December 2027 because I was born on the first of January).”
Including that remark will ensure that your benefit will be the full maximum amount you are entitled to at 70 years of age, without any reduction. And I congratulate you on choosing a strategy which maximizes your monthly benefit and will likely provide you with the most in cumulative lifetime Social Security benefits.