Larry, I am retirement age. I was laid off my job 9/22/22. I received a Severance package. I would like to apply for social security benefits. However, I was thinking I should wait until may February of 2023 to do so. My question is, will benefit me to wait until my salary for 2022 is reported to social security since I'm assuming the severance pay will bump up my salary for 2022 therefore make perhaps my social security benefit a little higher.

Hi. Your Social Security retirement benefit rate will be credited with your 2022 earnings regardless of when you apply. However, if you claim benefits prior to January 2023, your benefit will initially be calculated based on your highest 35 years of wage-indexed earnings through 2021. Your benefit rate could then be recalculated effective January 2023 to credit you with any increase resulting from your 2022 earnings.

Before deciding when to claim your benefits, you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry