Ask Larry

Will My Benefit Rate Be Based On October Or September?

Hello, I’m less than FRA. But >62.
If I filed for my SS on October 5. Would I receive
The full October benefit value, or would it be based on my full September SS valuel??
Yes, it’s only about $14 difference. But just curious.

My Birthday is the 11th of the month - if that matters where my benefit increases falls.,

Hi. If you chose October as your month of election to begin benefits, then you'll get your October benefit rate. October benefits are normally paid in November, since Social Security pays benefits a month behind.

Since you're filing early, your benefit rate will be reduced by 5/9ths of 1% for each month you claim benefits prior to the month you reach full retirement age (FRA). For example, if someone reaches FRA in April 2024 but they claim benefits effective October 2022, their resulting reduced benefit rate is 10% less than their FRA rate (i.e. 5/9ths of 1% x 18 months = 10% reduction for age).

You don't mention what went into your decision to apply for benefits early, but you may want to strongly consider using our software ( to fully analyze all of your various options so that you can make sure to choose your best strategy for maximizing your benefits. You have up to one year from the month you chose to start your benefits to withdraw your claim and choose a different month of election (

Best, Jerry

Sep 30 2022 - 5:42am
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