when to file for social security to ensure the full 32% increase to base benefit is secured
I am delaying taking social security retirement benefits until I reach 70 next June (birthday is not the first of the month). Recently there was a question for Terry about when/how to file for benefits t make sure that the full 4 years of delaying taking the benefit is met and that I don’t lose out on the full 32% due to a one month difference (i.e. filing so that it’s 69 years and 11 months and not 70 years). Terry indicated that she would confirm and provide a reply in her questions here. I’ve searched and don’t see her response. When should I apply and when should I state the benefits should start being paid out, ensuring that the full 32% base increase is in tact. Thank you.
Terry Says
Here’s a complete explanation from a great article on Motley Fool:
https://www.fool.com/retirement/2021/01/24/heres-when-to-apply-for-social-security-if-your-70/
Basically, start about 2 months before you reach age 70, and specify in writing that you do not want to start your benefits until you reach age 70. Your first check will come the month AFTER you reach age 70.