Hi. I have looked for an answer to this and can't find it. Even talking to Social Security they were too focused on when the first check would be sent to actually answer my question.

I turn 70 on July 8. I've read on the SSA website some bits of information that says you have to be 70 for the entire month.

My question is: Since my birthdate is not on the first of July, that means that August is the first month where I am 70 for the entire month and therefore I should "start" my retirement in August, not July, correct? If I put July down as the start date for my retirement, I would be loosing out on the maximum monthly payout I am eligible for, correct?

Seems like a straight forward question. i don't care when the first check shows up. Since I've waited till 70 I don't want to mess up my application and therefore shortchange my monthly benefit because I accidentally "started" prematurely.

Thanks in advance.

Hi,

The straightforward answer is that you'll receive your full age 70 rate if you claim your benefits effective with July. You don't need to be age 70 for an entire month in order to be eligible for your maximum benefit rate for that month. The last month that you can receive delayed retirement credits (DRC) is for the month prior to the month you reach age 70, even if you reach age 70 on the 31st day of a month. Therefore, if you were to choose to start your benefits effective with August rather than July, you'd just be passing up a full monthly benefit payment for nothing in return.

For other people who may be reading this answer I should clarify two things. One, Social Security pays benefits a month behind, so Social Security benefit payments for the month of July are due to be paid in August. And, two, Social Security considers a person to have reached their next age on the day prior to their birthday. So, for example, a person born on July 1st 1950 would be considered to have reached age 70 on June 30 2020. And, such a person would want to claim their Social Security retirement benefits no later than June 2020. However, since you were apparently born on July 8 1950, you'd want to claim benefits effective with July 2020 in order to receive your maximum monthly Social Security retirement benefit rate.

Best, Jerry