I will turn 70 in mid-January, 2021. I am single, never married, no children, no dependents. I am still working, though I will probably leave my job somewhere in 2021, but have not yet decided.

I have read your book, and have now just finished by second re-read, or run through it, focusing on those points I think most relevant to me.

I am aware that I need to request in writing when I apply/file that I do NOT want to activate my benefits 6 months retroactively, that I wish only to have them start on my 70th birthday, going forward, preserving my Delayed Retirement Credits in full. I also know to request my preference on how SS deducts for income taxes and, when the time comes, my Medicare payment.

I also read the statistics on how other people fared with on-phone and in-office consultations with Social Security offices. It seems that someone with a fairly straight forward history like my own might safely forego a SS office consultation of any sort, and simply file (carefully) on-line.

So my first of 2 questions is: does that sound reasonable? Is there a risk I am not seeing for me to file on-line, carefully calling out in the remarks section the I do NOT want a retroactive payment.

And the second question, perhaps too broad, is there anything else obvious to you that I am not thinking of, something I am missing? Can this process really be fairly straight forward for someone with my history?

Thank you.

And thank you more fully for not only your book, but also this website service. Both are tremendous resources and very much appreciated.

Very best regard,

Hi,

Yes, it sounds like you'd do fine filing online. Assuming that you want your benefits to start at age 70 and if you reach age 70 in mid January 2021, you'll want to choose January 2021 as your month of election to start your benefits. Your first payment (i.e. for January) will then be scheduled for delivery in February. Social Security pays regular monthly benefits a month behind.

Nothing in your question leads me to think that you're forgetting anything. As far as I know, there is no question on any Social Security application regarding income tax withholding. If you want to have income taxes withheld, though, you can add a statement to that effect in the remarks section of your online application. You can choose to have either 0%, 7%, 10%, 12% or 22% percent of your benefits withheld for federal taxes.

By the way, I also think it would work out fine if you decide to file by phone with a Social Security representative. If you do, just be sure to review your copy of the application carefully for accuracy.

Best, Jerry