Hello - I am going to turn 70 in January 2021 and am planning to hold off on applying for my Social Security until then, for full extended benefits, and am hoping to quit my job at that time and live off of my Social Security (since I don't have savings to live off of) Can you confirm what time I should apply for Social Security to get the full extended benefits monthly deposit put into my checking account the earliest possible date, and what that date would be. That would help me plan ahead. Also, do you recommend filing for benefits on line or at the local Social Security office.
Thanks - now that I have just about a year to go, I'm excitedly planning ahead and marking the days on a calendar.

Hi,

To start your benefits effective with January 2021, you can apply any time between September 1 2020 and July 31 2021. the month. Social Security pays benefits a month behind, so your payment for January 2021 could first be paid in February 2021. If you want to receive that check timely you should probably plan on filing your application before the end of November 2020. I don't believe it matters whether you file online or by phone or in person at a Social Security office.

If you happen to have been born on January 1 1951, you'd want to claim your benefits effective with the month of December 2020 since that's when Social Security would count you as reaching age 70. But, if you were born any other day in January 1951 you'd want to claim January 2021 as your first month of entitlement in order to receive your full age 70 rate.

Best, Jerry