do you get more money if you start benefits on your birthday month or does it not matter what month you start?

I'm facing a similar decision at 67 and found your post really helpful! One thing I'd add to consider is healthcare costs. Since you're self-employed, are you currently paying for your own health insurance? Medicare eligibility starts at 65 regardless of when you claim Social Security, but if you're still working and have employer coverage (or paying for your own as self-employed), you might want to factor in how your healthcare costs could change over the next few years. Also, something my financial advisor pointed out: if you do decide to wait until 70, make sure you're still earning credits toward Social Security during those years. As self-employed, you need to earn at least $1,640 in 2024 to get one credit (up to 4 credits per year with $6,560 in earnings). If you plan to significantly reduce your work before 70, this could impact your benefit calculation. Have you run the numbers on what your effective hourly rate would be for those extra 3.5 years of waiting? Sometimes looking at it that way makes the decision clearer.

This thread has been incredibly informative! I'm in a similar situation - recently applied for Social Security and completely overlooked the tax withholding aspect. Based on everyone's advice, I'm planning to call the SSA first thing tomorrow morning to set up withholding. One question for those who've been through this process: how do you determine what percentage to choose? I'll be working about 20 hours a week with Social Security benefits, but I'm not sure if I should start with 10% or 12%. Is it better to err on the side of withholding too much rather than too little? I'd rather get a small refund than owe money next April! Also, has anyone tried the online W-4V submission through the my Social Security portal? Curious if that's really faster than calling, since phone wait times seem to be hit or miss.

Wow, I'm so glad I found this thread! I literally just started my Social Security benefits last month and had NO idea about the tax withholding situation. I've been working part-time at a local bookstore (about 15 hours a week) and just assumed taxes would be handled automatically like they were when I was working full-time. Reading through everyone's experiences here is both eye-opening and terrifying - I definitely don't want to get hit with a surprise tax bill next year! It sounds like I need to get that W-4V form submitted ASAP. For someone who's brand new to this whole process, would you recommend starting with 10% withholding? My part-time income is pretty modest (around $800/month) but combined with SS benefits I'm thinking I'll definitely be over those income thresholds mentioned earlier. Also, has anyone had experience with how long it takes for the withholding to actually show up on your monthly SS statement once it's processed? I want to make sure I can track that it's working properly. Thank you all for sharing your experiences - this community is such a lifesaver for navigating these confusing government processes!

good luck!!! make sure u send it certified mail so they cant say they never got it. thats what happened to my mom the first time!

That's a smart idea! I'll definitely send it certified mail. I wouldn't put it past them to

I'm sorry to hear about your spouse's health situation. This is such a difficult time to be making these kinds of financial decisions. From what I understand reading through the responses, it sounds like you have a solid grasp of your options. Since your benefit is already higher than your spouse's, continuing the suspension until 70 would likely maximize your lifetime benefits even if the worst happens. Those delayed retirement credits really add up - that's an extra 32% on top of your FRA amount by age 70. One thing I'd suggest is getting exact benefit projections from SSA for both scenarios (your benefit at 70 vs. potential survivor benefits) so you can see the actual dollar amounts. Sometimes the numbers can surprise you, especially if there are cost-of-living adjustments or other factors you haven't considered. Also, given the complexity of your situation with the SSDI conversion, suspension, and potential survivor benefits, it might be worth consulting with a fee-only financial advisor who specializes in Social Security planning. They can help you model different scenarios and make sure you're not missing anything important. Wishing you and your spouse all the best during this challenging time.

I'm so sorry to hear about your spouse's diagnosis - that must be incredibly overwhelming to deal with while trying to navigate these complex benefit decisions. Based on what others have shared, it sounds like you have the right understanding of your options. Since you mentioned your SSDI benefit is already higher than your spouse's Social Security, the math likely favors continuing your suspension until 70 even if the unthinkable happens before then. Those delayed retirement credits could increase your benefit by up to 32%, which would probably exceed any survivor benefit amount. One additional consideration: if you do decide to suspend at FRA, make sure you understand how that affects your Medicare Part B premiums. You'll still need to pay those even while your cash benefits are suspended, so factor that into your budget planning during the suspension period. I'd also echo what others said about getting everything in writing from SSA. With a situation this complex involving SSDI conversion, suspension, and potential survivor benefits, you want to make sure you have documentation of exactly what your options are. Take care of yourself during this difficult time. These financial decisions are stressful enough without the added emotional burden you're carrying.

I'm going through this exact same situation right now! I submitted my retirement application yesterday and had that same moment of panic when I realized there was no place to enter banking information. Reading through all these responses is so reassuring - it sounds like this is completely normal and the two-step process is actually by design for security reasons. I'm definitely going to log into my mySocialSecurity account today and set up the direct deposit under Settings rather than wait for them to contact me. It's really helpful to hear from so many people who went through this recently and had success with the online method. Thank you all for sharing your experiences - this community is incredibly valuable for navigating these processes!

I just want to echo what everyone else has said - this is completely normal and you didn't miss anything! I had the exact same concern when I applied for my benefits 8 months ago. The SSA deliberately separates the application from banking information for security purposes. I highly recommend logging into your mySocialSecurity account right away and setting up direct deposit under Settings > Direct Deposit. Don't wait for them to send you forms or try calling - the online method is much faster and more reliable. I did mine online immediately after applying and my first payment deposited perfectly on schedule. The system will even validate your bank routing number when you enter it, so you'll know right away if there are any errors. Once it's set up, you can always verify it's there by checking your account overview. You're doing great by being proactive about this!