How Many Months Before I Turn 70 Should I Apply for Social Security?

Social Security retirement benefits provide a financial foundation for many individuals in their later years. Understanding the optimal time to begin receiving these benefits can significantly impact the total amount received over a lifetime. This article explores the considerations for claiming Social Security at age 70, including application timing and necessary preparations.

Maximizing Your Social Security Benefits at Age 70

Waiting until age 70 to claim Social Security benefits can provide the highest possible monthly payment based on an individual’s earnings record. This increase is primarily due to Delayed Retirement Credits (DRCs). These credits accrue for each month benefits are delayed past an individual’s full retirement age, continuing up to age 70. For those born in 1943 or later, Delayed Retirement Credits increase the monthly Social Security benefit by 8% per year. This translates to a benefit that is approximately 24% to 32% higher than if benefits were claimed at full retirement age, depending on the full retirement age itself. The credits stop accumulating once an individual reaches age 70, meaning there is no further advantage to delaying benefits beyond this point.

Timing Your Social Security Application

To ensure that your Social Security benefits begin precisely when you turn 70, it is generally recommended to apply within a window of three to four months before your 70th birthday. This timeframe allows the Social Security Administration (SSA) sufficient time to process the application and arrange for payments to start on schedule. Applying too close to your birthday could delay the commencement of your benefits.

Preparing for Your Social Security Application

Gathering all required information and documents before initiating the Social Security application process can help ensure a smooth experience. Essential personal details include your date and place of birth, your Social Security number, and your citizenship status.

If applicable, you will also need information about your current and any former spouses, including their Social Security numbers, dates of birth, and marriage and divorce dates. Details regarding your work history are also necessary, such as the names and addresses of your employers for the current and previous year, along with your earnings for those periods. If you served in the military before 1968, your military service papers will be required. Additionally, you will need your bank’s routing number and account number for direct deposit of your benefits, as electronic payment is the standard method.

Steps for Submitting Your Application

Once all necessary information and documents have been prepared, there are several ways to submit your Social Security application. The most convenient method for many is applying online through the Social Security Administration’s website. The online application is designed to be user-friendly, often taking between 10 to 30 minutes to complete once all information is at hand.

Alternatively, you can apply by phone by calling the SSA’s national toll-free number. This allows you to speak with a representative who can guide you through the process. For those who prefer in-person assistance, appointments can be scheduled at a local Social Security office. Regardless of the method chosen, specifying the desired benefit start date, which for age 70 claimants would be the month of their 70th birthday, is an important step.

What to Expect After Applying

After submitting your Social Security application, the SSA will begin processing your claim. While processing times can vary, many retirement claims are processed relatively quickly, sometimes within a few weeks. You may receive a confirmation of your application submission, and the SSA might contact you if additional information or clarification is needed.

Once your application is approved, you will receive a notification detailing your benefit amount and when payments will commence. Benefits are typically paid via direct deposit into your designated bank account. It is important to note that Social Security benefits are paid one month in arrears, meaning the payment for a given month’s benefits arrives in the following month.