I am planning to file for SS benefits next year. I will be turning 68 in April. When I checked the SSA website for an estimate of my benefits, there was no difference in the amount it calculated whether I started my claim in January or waited until my birthday month. Is that correct?

Hi,

Initially, yes, but not permanently. If you apply for benefits between full retirement age (FRA) and age 70, you initially receive credit for only the delayed retirement credits (DRC) you earned through December of the year prior to the year you claim benefits. Any remaining DRCs earned in the year that you claim benefits are credited effective with your benefit payment for the following January.

For example, if you filed for benefits effective with April 2021 when you reach age 68, you would initially be credited with the 21 DRCs you earned through December 2020. That would result in the same rate you'd get if you filed effective with January 2021. However, effective with your benefit rate for January 2022 you'd be credited with the additional 3 DRCs you earned for not drawing benefits for January through March 2021. So, from then on your monthly rate would be roughly 2% higher than it would be if you started drawing effective with January 2021.

You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore all of you options so that you can determine the best strategy for maximizing your benefits.

Best, Jerry