Dear Rusty: I will be turning 65 this December and will most likely continue working until July of 2024 at my current job. It is possible I could leave a year earlier. With that being said, when should I submit paperwork to start collecting Social Security benefits? Is there anything I should know previous to applying that will make sure the process is relatively seamless? Signed: Ready to RetireDear Ready to Retire: Social Security recommends you apply for benefits 2 to 3 months before you wish your benefit payments to begin, but you can apply up to 4 months prior. When you apply, you will specify your desired benefit-start-month on the application, and that is when your benefits will start. Be aware that Social Security pays benefits “in arrears,” meaning your benefit is paid in the month following the month earned. So, for example, if you apply for your benefits to start in January your January benefit will be paid in February.The exact date of your payment depends on the day of the month you were born – born between the 1st and 10th of the month, you get your payment on the 2nd Wednesday; born between the 11th and 20th of the month, payment is made on the 3rd Wednesday; born after the 20th of the month your payment will be received in your bank account on the 4th Wednesday of every month.You can apply in person, either over the phone or by visiting your local Social Security office, or you can apply for your benefits online at www.ssa.gov/retire. Applying online is, by far, the most efficient method. To apply online, you will first need to set up your personal “my Social Security” online account which is easy to do at www.ssa.gov/myaccount. I suggest you create your online account now, even if you don’t plan to claim your SS for a while yet. Once you have your online account set up, you can see your estimated benefit amounts at different ages, which can help you decide when to claim.Since you are still working, you should be aware that if you claim at any time prior to reaching your full retirement age (FRA) you will be subject to Social Security’s earnings test. If you will be 65 in December 2022 your FRA is 67, and that is the point at which you will get 100% of the SS benefit you’ve ...
