What Month Do Social Security Benefits Begin at Age 70?

Social Security benefits represent a fundamental aspect of financial planning for many individuals as they approach their later years. Deciding when to begin receiving these benefits is a significant personal choice, with various implications for one’s financial well-being. Claiming benefits at age 70 is often considered a strategic option for those seeking to maximize their potential monthly income from Social Security.

The Significance of Claiming at Age 70

Claiming Social Security benefits at age 70 is significant because of Delayed Retirement Credits (DRCs). DRCs increase monthly benefits for each month benefits are postponed past Full Retirement Age (FRA) up to age 70. For those born in 1943 or later, DRCs add 8% per year to their benefit amount, providing a substantial boost to the monthly payout.

No further delayed retirement credits can be earned after age 70. Waiting beyond this age offers no additional increase to the primary Social Security benefit. Age 70 is the point at which an individual can receive their highest possible monthly benefit amount based on their earnings record.

Determining Your Benefit Start Month at Age 70

Social Security benefits are paid for the entire month in which an individual meets eligibility requirements. If an individual turns 70 at any point during a given month, their benefits typically begin to accrue for that full month. The actual first payment for that month’s accrued benefits is then received in the following calendar month.

For example, if an individual’s 70th birthday falls on January 15th, benefits would begin to accrue for the entire month of January, with the first payment arriving in February. If a person is born on the first day of a month, the Social Security Administration (SSA) considers them to have reached their age in the preceding month. Someone born on July 1st would be considered 70 in June, and their benefits would accrue for June, with the first payment issued in July.

Applying for Social Security Benefits

Individuals should apply for Social Security benefits three to four months before their 70th birthday month. This allows for processing and ensures benefits begin as intended. Applications can be submitted online via the SSA website, by calling the SSA’s toll-free number, or by scheduling an appointment at a local Social Security office.

When applying, certain documents and information are required. Required items include the applicant’s Social Security number, proof of age (like a birth certificate), and bank account details for direct deposit. W-2 forms from the previous year or self-employment tax returns may also be needed to verify earnings history.

Receiving Your First Social Security Payment

Once an application for Social Security benefits is approved, the Social Security Administration follows a structured payment schedule. For most beneficiaries, payments are made on specific Wednesdays of each month, determined by the beneficiary’s birth date. If a birthday falls between the 1st and 10th of the month, payment is typically on the second Wednesday. Birthdays between the 11th and 20th result in payment on the third Wednesday, while those between the 21st and 31st receive payment on the fourth Wednesday.

The first payment received covers benefits for the preceding month. For instance, if benefits accrue in January, the first payment received in February will be for January’s benefits. After the application is submitted and processed, the SSA sends an award letter, usually within one to three months, notifying the applicant of the approval, benefit amount, and payment schedule.