Selecting the month to start SS payments

[m582452r]

I turn 70 11/6; if I chose to start collecting SS payments 11/2019, am I considered 70 or 69 & 11 mo? I don't want to leave any money on the table.

[m582452r]

Maya we got our answer from Maria.  Unless your Bday is within 1st/2nd or last 2 days of month you need to wait for the following month.  Birthdate on 6th, wait until following month to choose to collect SS payments.  Hope this helps you too!

[BobN142799]

I want the benefits checks to begin right after my 66th BDay, which is 11-30. When do I file the application?

[fffred]

Bob, you will be eligible for your full benefit in November. The payments are made "in arrears" so the first check will show in December.

This article at AARP discusses when to submit your claim. I wouldn't wait until the last minute but you can clarify that you want benefits based on your FRA. See https://www.aarp.org/retirement/social-security/questions-answers/when-to-apply-social-security/

Says " You should apply no later than the month in which you want your benefits to start. You can file up to four months before that, which gives Social Security ample time to process your application"

(this article talks to when the checks come https://www.thebalance.com/when-and-how-social-security-checks-should-arrive-2388919)

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@BobN142799 wrote:

I want the benefits checks to begin right after my 66th BDay, which is 11-30. When do I file the application?

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[BobN142799]

Thanks so much.

[MariaW84553]

An individual born on the first or second day of the month attainment of age 62 on the last day of the preceding month or the first day of the current month could be entitled to benefits for the month of his or her 62nd birthday. That’s because in either case that person would be considered age 62 for the “full” month of August.

[m582452r]

Thank you Maria!  That is exactly what I needed to know.  

[GailL1]

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@m582452r wrote:

I turn 70 11/6; if I chose to start collecting SS payments 11/2019, am I considered 70 or 69 & 11 mo? I don't want to leave any money on the table.

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Check out this -

Social Security - Delayed Retirement Credits

delay benefits until after full retirement age, your benefit will be increased based on the number of months you do not receive benefits between full retirement age and age 70.

There is no additional benefit increase after you reach age 70, even if you continue to delay taking benefits.

Social Security benefits are paid the month after they are due.

You will not lose much (2/3rds of 1%),  if any,  money being that close to 70 - you have earned the delayed retirement credits - any difference for that one month will be miniscule.

You will receive your 1st benefit in December.

[m582452r]

If I take the payments at 69 yr 11 mos I lose almost $200 a mo. going fwd, so to me that's enough to play it safe and wait until after my actual birthday to request payments start. I'm still not 100% clear & hate to potentially leave a months worth of money I've worked for on the table.

[GailL1]

Let's say that your benefit is $2000 per month.

1% of that is $20.00

2/3rds of $20.00 is $13.32 

in this instance the benefit would be reduced by $13.32 ( 2/3 of 1% - per the table ) for getting the benefit at 69 and 11 months rather than at 70 years old.

That's a rough approximation since the benefit actually increase by this 2/3 of 1% per month when you pass full retirement age but delay retirement for what ever time after FRA.