Should I wait until February to apply for SS retirement when 2024 income is reported for higher benefit?

Apply now!!! Do NOT wait. The SSA will automatically adjust your benefit amount once your 2024 earnings are processed. It usually takes them until September or so of the following year to process all earnings reports, but they WILL backpay you the difference. I went through something similar and agonized over waiting... totally unnecessary! Just get your application in and start receiving SOMETHING. That extra $47 will come later with backpay.

im pretty sure u can apply 3 months b4 u want benefits to start anyway, so file now and tell them u want benefits starting in March. but honestly 47 bucks isnt worth stressing over imo

This is a common situation with several technical considerations: 1. You can file up to 4 months before you want benefits to begin, so filing in January for March benefits is perfectly fine. 2. The SSA will use your highest 35 years of indexed earnings to calculate your Primary Insurance Amount (PIA). If 2024 replaces a lower-earning year, it will increase your benefit. 3. SSA does automatically recalculate your benefit annually as new earnings are posted, but this typically happens late in the following year (often September-October). 4. Important: They will pay retroactively from your entitlement date once recalculated, but only if your earnings actually increase your benefit amount. 5. Since you're at FRA, there's no earnings test to worry about for future work. Strategically, I'd recommend applying now and specifying March 2025 as your benefit start month. This gets you in the system while still maximizing your benefit at FRA.

I waited to apply when I was in a similar situation two years ago. BIG MISTAKE!! The application processing time was way longer than I expected (almost 5 months!!), and I really needed that income. The automatic recalculation happened anyway about 8 months later when my final year of earnings was processed. I got a letter saying my benefit increased by $32 and they included back payment for the difference. Don't wait. Apply now, get your benefits flowing, and let the system do its job with recalculation later.

I understand your concern about maximizing your benefit - every dollar counts in retirement. Here's what happens: When SSA processes 2024 W-2s (usually by late summer 2025), they automatically recalculate all benefits for people who worked in 2024. If your benefit increases, they'll send you a notice and adjust your monthly payments going forward, plus pay the difference retroactively to when you started receiving benefits. However, there's a practical consideration: application processing times can vary from 3-12 weeks depending on your local office workload. If you wait until February to apply, you might not see your first payment until April or May. If you need the income now, I'd suggest applying immediately and indicating March 2025 as your benefit start month. This gives SSA time to process your application while ensuring you maximize your FRA benefit.

I tried calling SSA about a similar question last month and spent THREE DAYS trying to get through. Kept getting disconnected or waiting for hours. Try using Claimyr (claimyr.com) - they got me through to an agent in under 20 minutes! They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent confirmed they do automatic recalculations when your earnings are reported, so you don't have to worry about timing your application around that. Just apply when you're ready.

my neighbor works for ssa and says they have a HUGE backlog right now!!!! dont wait to apply cause it could take months to process

Just a heads up! The earnings recalculation is automatic BUT sometimes they miss it. My husband's wasn't done until he called and asked about it. Then they found the "error" and fixed it with back payment. So apply now, but mark your calendar for October 2025 to check if your benefit increased from the 2024 earnings.

btw if ur turning FRA in march but apply now ur not loosing 8% per year anymore anyway. once ur at FRA thats done. just the max u can get at that point