Will I Get A Lower Benefit If I File In January Of The Year I Turn Age 66?

Jan 16 2017 - 3:45pm

I'll be 66 on 11/30/18 and will collect $2570. I was told by the local ssn that I could collect in January of 2018 and get the same amount $2570 as my payment is based yearly not monthly. I also called ssn and they told me its prorated monthly not yearly --- whos correct ??? don't want to collect early and loose money . Thanks


Your benefit rate will not be the same if you file effective with January of 2018 as opposed to November of 2018. They would instead be permanently reduced by roughly 5.55%, or 5/9ths of 1% for each the 10 months of early entitlement. Therefore, if your benefit rate would be $2570 if you started drawing November 2018, you would receive about $2,427 if you instead started with January 2018.

You may want to consider running the maximization software available on this website in order to explore all of your options and determine your best filing strategy.

Best, Jerry