On 6 July I will be 66 years old and eligible for full retirement. Should I request 1 Aug as the starting date or is there more advantageous one? I definitely want to retire this year.

Hi,

You would receive an unreduced benefit rate if chose July (first check issued in August), but you may want to consider waiting past age 66 to start drawing. Your Social Security retirement benefit rate would increase by 2/3rds of 1% for each month (8% annually) that you defer drawing benefits from age 66 until age 70. In other words, if you wait until age 70 to start drawing your retirement benefit rate will be 32% higher than your age 66 rate even if you stop working at age 66.

You don't mention your marital status so I don't whether or not you have additional options and considerations. You should strongly consider using our maximization software to explore and compare your options so that you can choose the best course of action.

Best, Jerry