Webinar: Preparing for Medicare Eligibility & Understanding Your Options
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Social Security Information & Links
When can I sign up for Social Security?
Under normal circumstances between the ages of 62-70.
You can sign up for Social Security retirement benefits as early as 62 but you will receve a reduced benefit. To receive full benefits, you need to wait until you reach your Full Retirement Age (FRA), which varies depending on your birth year. If you wait past age 70 to start collecting Social Security, you won't receive any additional benefit increases. Essentially, there's no financial advantage to delaying beyond 70.
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You can apply for retirement benefits up to 4 months before you want to start receiving your benefit.
What is my Full Retirement Age (FRA)?
Once I've signed up when can I expect my first benefit payment?
Social Security benefits are paid a month in arrears. If you sign up for benefits in January, you will receive your first benefit payment in February. Your actual date of birth will determine when you will receive your benefit
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1st-10th: Second Wednesday of the month
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11th-20th: Third Wednesday of the month
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21st-31st: Fourth Wednesday of the month
What do I need to be aware of if I collect my Social Security benefit BEFORE my Full Retirement Age (FRA)?
You will be subject to a permanent benefit reduction. You can use the Benefit Calculator to determine the impact on your benefit.
Your earnings will be subject to the Retirement Earnings Test (these numbers change on an annual basis):
Age 62 until 12 months Prior to FRA: Until you reach the year you turn your FRA for 2025, if you earn more than $23,400 per year or $1,950 per month, Social Security will withhold $1 for every $2 you earn over the annual limit.
NOTE: Income earned before you start collecting benefits DOES NOT COUNT toward this earnings limit.
Monthly Earnings Limit: In the first year you claim benefits, the monthly earnings limit applies. If you exceed this limit in any month, your benefits for that month will be reduced.
Annual Earnings Limit: If your total earnings for the year are below the annual limit, you won't face additional reductions beyond those already applied for exceeding the monthly limit.
The Year you reach your FRA: For 2025, if you earn more than $62,160 per year, Social Security will withhold $1 for every $3 you earn over the annual limit.
What do I need to be aware of if I collect my Social Security benefit AFTER my Full Retirement Age (FRA)?
NOTE: There is no increase in benefit amount if you delay beyond age 70. - Delayed Retirement Benefits
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Increased Monthly Benefits: For each year you delay collecting benefits past your FRA, your monthly benefit amount increases by 8% until you reach age 70. This increase is due to delayed retirement credits. Remember, if you choose to delay collecting your benefits, it will take 12 or more years to recoup the amount you deferred for the increased benefit.
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Higher Lifetime Earnings: By waiting, you can maximize your total lifetime benefits, especially if you live longer. The higher monthly payments can add up significantly over time.
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No Earnings Limit: Once you reach your FRA, there is no limit on how much you can earn. Working will no longer affecting your Social Security benefits. This allows you to continue working and increase your income without penalties.
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Spousal and Survivor Benefits: Delaying benefits can also increase the amount your spouse or survivors receive. Higher benefits for you can translate into higher benefits for them.