Deciding when to apply for Social Security is an important decision, and for some people, a very difficult decision to make. Understanding when you are eligible to receive your Social Security benefits can help you plan ahead for your retirement.
Schedule of Social Security Payments
Social Security benefits are not prorated. Your first payment arrives in the month after your eligibility begins.
- Born between the 1st-10th of the month → Paid on the second Wednesday of the following month.
- Born between the 11th-20th of the month → Paid on the third Wednesday of the following month.
- Born between the 21st-end of the month → Paid on the fourth Wednesday of the following month.
Consequences of Early Retirement
One of the most important decisions retirees face is when to apply for Social Security benefits. This decision impacts how much you receive each month for the rest of your life.
How Retirement Age Affects Your Benefit Amount
- If you retire early (age 62) → Your monthly benefits decrease permanently.
- If you wait until FRA (67) → You receive your full benefit amount.
- If you delay until age 70 → Your benefits increase by about 8% per year.
Related: Does Social Security Count as Income?
How to Apply for Social Security Benefits
When you’re ready to claim Social Security, you have three options:
- Online: Apply at SSA.gov for the fastest and easiest experience.
- Phone: Call 1-800-772-1213.
- In-person: Visit your local SSA office (appointment recommended).
Frequently Asked Questions (FAQ)
1. Will I Receive My First Social Security Payment on My Birthday?
No. Social Security benefits start the month after your birthday month.
2. Does Social Security Count as Income for Medicare?
Yes. Social Security benefits count as income when determining Medicare premiums. If you earn over $103,000, you may pay higher premiums due to IRMAA surcharges.
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