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For Social Security, which day of the month you were born counts
Well over 40% of those becoming eligible to start receiving Social Security do so as soon as they reach 62 years of age. But what comes as a surprise to many is that they won’t actually receive a benefit for the month they turn 62. You have to be 62 for the entire month before earning your first benefit, which means that unless you were born on either the 1st or 2nd of the month your first month of entitlement is the month after your 62nd birthday. This means you won’t get your first payment until the month following. Similarly, a person must live for the entire month in order to be eligible for that month’s benefit, otherwise the benefit must be returned to Social Security. To help guide you through the intricacies of these date rules, Jim Borland, Social Security’s Acting Deputy Commissioner of Communications, walks you through Social Security rules on dates of eligibility and answers the question, “Can I keep this benefit payment?”. Click here to read more.
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