Hi, Larry. I am currently reading "Get What's Yours (Social Security)". Thanks to you, Philip, and Paul for that.

I have been collecting Social Security under file-and-suspend since age 66. I will turn 69 in Oct. 2018 and am considering quitting my job at the end of Dec. 2018 when my boss plans to retire. That will give me 51 full-time years. I have saved enough money to support myself in 2019 so that I can wait until reaching age 70 in Oct. 2019 to switch over to my own Social Security benefits. (1) When should I notify Social Security so that I will get the maximum benefit -- Nov. 2019?

I have been told that it takes up to two years for earnings records to be verified for the purpose of calculating Social Security benefits (although I don't understand why when they should have access to our W-2s shortly after our employers submit them). (2) If that is correct, does Social Security send a lump-sum check if they have underpaid recipients?

Thanks for the service you render to all of us!

Sandy

Hi Sandy,

I assume by 'collecting Social Security under file-and-suspend since age 66' you mean that you filed for spousal benefits only at age 66 and delayed filing for your own benefits. In that case you would want to file for your own benefits effective with the month you will reach age 70 in order to receive the highest possible benefit rate. So, unless you were born on the October 1st you would want to choose October 2019 as your month of election to start your retirement benefits assuming that your own benefit rate will be higher than your spousal rate. If your birthday happens to be October 1st, you would want to choose September 2019.

You can file for benefits on your own record up to 4 months prior to the month that you want to switch to your own record, but a month or two in advance should suffice. And, since you're already drawing benefits, you'll have to file by phone or in person at a Social Security office. You can make an appointment to apply by calling 1-800-772-1213.

Social Security should almost certainly have your full earnings history updated by the time you apply, so you shouldn't have to worry about an underpayment. However, when Social Security does make retroactive benefit adjustments they pay any resulting back pay that's due.

Best, Jerry