I just went through this process last month! For 2024 income, I put "estimated" and entered my best guess. The online system accepted it without any issues. One tip: have all your documents ready before you start the online application. The system times out after a while, and you might lose your progress if you have to go hunting for information mid-application. I learned this the hard way!

I went through something similar when I applied for SS benefits back in 2019. I was self-employed with irregular income and hadn't filed my current year taxes yet either. The SSA rep I spoke with told me that for the current year, they really just need a reasonable estimate - they're not expecting perfect accuracy since the year isn't complete. Since you're already past full retirement age at 67, you don't have to worry about the earnings test at all, which makes this even simpler. Your casino winnings won't reduce your benefits in any way. My advice: go ahead and apply now with your best estimate for 2024. If you've had some winnings so far this year, estimate based on that pattern. If you haven't had much yet, you can even put zero or a conservative low estimate. The SSA can always adjust things later if needed, but delaying your application means delaying your first benefit payment, which could cost you money. The processing time can indeed be several months, so getting started sooner rather than later is definitely the right move!

As someone who recently helped my elderly father through this process, I wanted to share a few things that made a big difference for us: First, if you're close to your full retirement age, consider whether you want to start benefits immediately or delay them. Each year you delay past full retirement age (up to age 70), your monthly benefit increases by about 8%. The application will ask about your preferred start date. Second, have your tax information handy - not necessarily to upload, but they may ask about your income from last year, especially if you're still working. This helps them calculate any potential reductions in benefits. One thing that really helped was doing a practice run on the SSA website's benefit calculator first. It gave us a good sense of what to expect and helped identify any potential issues with his earnings record before starting the actual application. Also, if you run into any technical issues or need to speak with someone, I found that calling right at 8 AM when they open gives you the best chance of shorter wait times. The afternoons are brutal. The whole process took about 50 minutes for us, but having everything organized beforehand made it much less stressful. Good luck with your application!

I'm getting ready to apply for Social Security benefits too and this thread has been incredibly helpful! I wanted to add one more tip that my neighbor mentioned when she went through this process recently. She said to make sure you have your earnings statement (the one you get annually from SSA) handy when you apply. Even though they have all your earnings history in their system, she found it useful to reference when they asked about specific years or employers. You can access this through your mySocialSecurity account if you don't have the paper version. Also, she mentioned that if you've ever had periods of unemployment where you collected benefits, they may ask about those dates too. It wasn't a big deal, but just another piece of info to have ready. One question for those who've completed this recently - did anyone have issues with the direct deposit setup? I'm wondering if I should set up a new account just for Social Security or if using my regular checking account is fine. Thanks again to everyone who's shared their experiences here - you've all made this feel so much more manageable!

I just went through this process myself about 6 months ago! I ended up doing exactly what you're planning - sent the letter first, then called to follow up. One thing I'd add to the excellent advice already given: when you write your letter, also include a statement about whether you want to suspend spousal benefits too (if applicable). I forgot to mention this and had to send a second letter because my spouse was getting benefits on my record. Also, keep in mind that Medicare premiums will still be deducted from your Social Security even during suspension, so you'll need to arrange direct billing with Medicare if you don't have other income to cover those premiums. The whole process took about 5 weeks from start to finish for me, but having that paper trail really helped when I had questions later.

I'm in a similar situation approaching my FRA and this thread has been incredibly helpful! One thing I wanted to add based on my research - make sure you understand the impact on any family benefits. If you have a spouse or dependents receiving benefits based on your work record, suspending YOUR benefits might affect their payments too. The SSA website mentions this but it's not always clear. Also, I've read that some people include a copy of their Social Security card with their suspension letter, though I'm not sure if that's necessary. Has anyone here included additional documentation beyond what was already mentioned, or is the basic letter with your personal info sufficient?

To more directly answer your original question: The indexation factors for 2025 retirement calculations use the ratio of the Average Wage Index (AWI) from the year you turn 60 compared to the AWI for each earlier year you worked. For example, if you're turning 62 in 2025 (born in 1963), your indexation year would be 2023 (the year you turned 60). So if the AWI for 2023 was $65,839.55, and the AWI for 1990 was $21,027.98, the indexation factor for your 1990 earnings would be approximately 3.13 (65,839.55 ÷ 21,027.98). Your actual earnings from 1990 would be multiplied by this factor to determine their indexed value. The SSA then takes your highest 35 years of indexed earnings to calculate your Average Indexed Monthly Earnings (AIME), which becomes the basis for your Primary Insurance Amount (PIA).

Just wanted to add that you can also create a my Social Security account at ssa.gov to see your complete earnings history and get benefit estimates. The online tools there will show you exactly how your indexed earnings are calculated, and you can run different scenarios (like working until 65, 67, or 70) to see how it affects your monthly benefit. Since you're 58, this is perfect timing to start planning your optimal claiming strategy. The account also lets you download your Social Security Statement which breaks down the indexation calculations year by year.

I'm going through a very similar situation right now! Applied in October for February 2025 benefits and mine also still shows "processing." It's reassuring to see that this seems to be totally normal based on everyone's responses here. I was starting to panic thinking I did something wrong with my online application. Thanks for posting this question - it's exactly what I needed to read today!

I'm in a very similar boat! Applied in August for January 2025 benefits and mine has been stuck on "processing" for months too. Reading through all these responses is so helpful - I had no idea this was such a common experience. It's frustrating that SSA doesn't communicate better about their timelines, but at least now I know I'm not alone. Thanks to everyone who shared their experiences, especially those who confirmed that back pay covers the waiting period. Going to try calling them next week to double check everything is in order, but feeling much more reassured now!