Should I wait for 2024 income to post before applying for Social Security at FRA?

There's generally no need to wait for your 2024 earnings to post before applying. The SSA will automatically adjust your benefit amount when those earnings are processed, usually after your employer submits your W-2 and tax returns are filed. This typically happens by September of the following year. If you're applying in late 2024 for benefits starting January 2025, you should go ahead and apply up to 3 months before your benefit start date (so around October 2024). The SSA will calculate your initial benefit based on earnings currently in the system, then adjust it later if needed.

I had the EXACT same situation last year. Applied in November 2023 for benefits starting January 2024. My 2023 earnings weren't showing yet either. Got my first payment in January, then around August they sent me a letter saying my benefit was being increased because of my 2023 earnings. They paid the difference retroactively too! So don't worry about it and just apply.

Just to clarify some important technical details: SSA calculates your Primary Insurance Amount (PIA) based on your highest 35 years of earnings, adjusted for inflation. When you apply, they use whatever earnings are currently in their system. Once your 2024 earnings are processed (typically mid-2025), they'll automatically recalculate your benefit if those earnings increase your PIA by replacing a lower-earning year. The adjustment will be retroactive to your entitlement date. So there's absolutely no advantage to waiting. Apply three months before you want benefits to start - so October 2024 for a January 2025 start date.

my ss check went up $37 last year after they added my final work year. not a fortune but better than nothing lol. they did it automatically, i didnt have to do anything

I've been trying to reach Social Security for weeks about a similar recomputation question and kept getting disconnected. Finally used Claimyr (claimyr.com) and got through to a real person in about 20 minutes. They explained that SSA automatically recomputes benefits every year when new earnings are processed, typically in October. They showed me exactly how my 2024 earnings would factor in once posted. You can see their video demo here if interested: https://youtu.be/Z-BRbJw3puU - it was a huge time-saver compared to the hours I wasted trying to get through on my own.

Wait wait wait - are you SURE your 2024 income will replace a lower year? Have you accounted for indexing? Remember that older years get indexed for inflation, so a $30,000 salary from 1990 might actually count as much more in the calculation than a $50,000 salary today. Check the indexed amounts on your statement before assuming your recent year will help.

My cousin waited to apply and lost out on like 4 months of payments! Don't do that! The SSA will adjust it later but they won't give you back payments if you delay filing. Apply 3 months before you want benefits to start!

One more important point: If you're still working in 2025 (after starting benefits), be aware of the earnings limit if you're under your full retirement age. For 2024, the limit is $22,320 if you're under FRA for the full year (this will likely increase somewhat for 2025). Above that threshold, they withhold $1 in benefits for every $2 earned over the limit. However, once you reach your FRA, there's no earnings limit, so you can earn as much as you want without affecting your benefits. Since you said your FRA is in November 2024, this shouldn't be an issue for your January 2025 start date.

The ENTIRE Social Security system is designed to CONFUSE people and make them miss out on benefits they've EARNED!!! They never clearly explain ANYTHING. And good luck trying to get an appointment at your local office. My mother waited THREE MONTHS for an appointment only to be told she could have done everything online!!!! And the phone system is a JOKE.

Thank you all for the helpful responses! I'll go ahead and apply in October for my January start date. It's a relief to know that SSA will automatically recalculate and make adjustments once my 2024 earnings are processed. I appreciate everyone sharing their personal experiences too - it makes navigating this whole process much less stressful!