What day should I apply for full retirement?

[DaleF446714]

My 66th birthday is July 15, 2023. Technically, I will be 66 years and 6 months on January 15, 2024.  Should I apply for benefits to start on January 1, 2024 or January 15, 2024 or February 1, 2024? 

[Tonster521]

@DaleF446714 Because people are born every day of a month, the SSA considers you to have attained FRA on the last day of the month preceding the actual date. In your case, you attain FRA in December 2023 even though you are only age 66 years 5 months and 16 days at that time. As I understand the SSA policy, you would apply December 2023 with SS Benefits payable January 2024. The SSA pays in arrears. That January 2024 payment would not be reduced one (1) month for early start or increased one (1) month  for delayed benefits. I suggest you clarify that policy with the SSA. If you apply January 2024 with SS Benefits payable February 2024, I do not understand how you have determined you will forfeit SS Benefits. That February SS Benefit will be increased for delayed retirement and you will receive those SS Benefits incrementally over the following months. It would only be a loss or forfeit if you die before recouping that amount of SS Benefits. I am providing a link that illustrates the reduction factors on a monthly basis for early start.  https://www.ssa.gov/benefits/retirement/planner/1957.html The monthly reduction (rounded) is about .006. For example, if your Primary Insurance Amount (PIA) at FRA is $2,000 per month, that SS Benefit is reduced about $12 for starting one month early ($2,000 X .006). If you delay,one month, your PIA is increased 8%/year or about .0066/month or about $13. 

[DaleF446714]

Thanks! Very helpful!

[DaleF446714]

Thank you for the link. My specific question relates to the day. If I apply for the first check to start in January and my 66 year and 6 month mark is January 15, will I miss my full retirement mark by two weeks or if I apply for February to make sure I hit the mark, will I forfeit my first check that I could of had in January?

[GailL1]

For normal retirement benefits, payment is made based on your birthday - the actual day.

Social Security Payment Calendar 2023

Social Security Payment Calendar 2024

So you determine what month you want to start - keeping in mind that benefits are paid (1) month in arrears and then your birthDAY determines the timing of your benefit into your bank account - although a few days before or after can be at the banks option. 

[WebWiseWoman]

Hi, Dale!

Congrats on retirement!

Here's link with SSA guidance:

• SSA.gov: Plan for retirement (opens in new tab/window)

hth

denese