Ask Larry

Is It Correct That I Won't Receive My Full Age 70 Rate Until January 2023?

I filed for my retirement benefits yesterday by phone to start in September at age 70. The representative told me that my initial benefit amount would be the same amount as if I had filed to start in January 2022. The representative indicated that my full age 70 benefits would then start in January 2023. This is contrary to what I have read in this column that I should receive my full age 70 benefit as of my first check. Is this yet another change due to Covid-19? Thank you

Hi. No. If you reach age 70 in September and if you claim your benefits effective with that month then you'll get your full age 70 rate starting with your first check. The representative that you spoke with apparently doesn't understand the regulations regarding delayed retirement credits (DRC). What he or she described to you is what happens when a person claims their benefits effective with any month after full retirement age (FRA) and BEFORE age 70. But, if you claim your benefits effective with the month you reach age 70 then all of your DRCs are credited immediately. This is explained in section B. of the following section of Social Security's operations manual:

Best, Jerry

Jul 16 2022 - 11:49am
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