I am approaching age 70. I have been allowing my monthly delayed retirement credits to accumulate in order to maximize my monthly benefit going forward. If I file at age 70, and take the retroactive lump sum, will I lose the 6 months' delayed retirement credits I earned from age 69 1/2 to age 70, and thus a smaller check every month going forward? If so, should I wait until age 70 1/2 to file, to "lock in" all possible delayed retirement credit, and then accept the retroactive lump sum? Thank you.

Hi. Yes, if you choose to start your benefits retroactively to months prior to the month you reach age 70, you won't receive delayed retirement credits (DRC) for those months. If you really want to receive 6 months of retroactive benefits for some reason and you still want to receive the maximum number of DRCs, then you could apply for your benefits in the month you reach age 70 1/2. You don't need to do that, though. When you apply for benefits, you aren't obliged to take retroactive benefits. That's just a potential option in some cases.

All you need to do to be sure to get the maximum amount of DRCs when you apply is to specify that you want your benefits to start effective with the month you reach age 70. Social Security allows you to file your application up to 4 months in advance, meaning that when you're within 4 months of the month you reach age 70 you can file your application and specify that you want your benefits to start effective with the month you reach age 70.

Best, Jerry