Social Security application at 68 - what do you wish you knew before filing?

Congrats on taking the plunge! I filed at 67 last year, and here's what I wish I'd known: 1. Have a clear idea about your retroactive benefits. Since you're past FRA, you can request up to 6 months of retroactive payments, but you'll lose those DRCs (delayed retirement credits) for those months. For some people, the lump sum is worth it, for others, the higher monthly amount matters more. 2. Be prepared to discuss your Medicare situation. If you're already on Medicare, bring your Medicare card. If not, they'll likely discuss enrollment options. 3. Print out your earnings record from your my Social Security account and review it BEFORE your appointment. Make sure all your earnings are there. 4. If you're married (or divorced after 10+ years of marriage, or widowed), know that there might be spousal or survivor benefit considerations. 5. Be clear about whether you want federal taxes withheld from your payments (and how much). Best of luck! The process itself was actually much smoother than I expected.

bring your divorce papers if youve been divorced. they asked me for mine even tho i wasnt applying for anything on my exs record. huge pain, had to reschedule everything.

I applied last year and WISH someone told me to double-check my earnings record first!! Found out they were missing 2 whole years from the 1990s when I was self-employed. Such a headache to fix after the fact. Also, be ready for them to offer you the option of starting benefits 6 months retroactively since you're past FRA. I wasn't prepared for that decision and felt pressured in the moment. Calculate both options beforehand - lump sum now vs. slightly higher monthly payment forever. And record the name of every person you talk to!!! Write down EVERYTHING. The right hand doesn't know what the left is doing there.

Remember that whatever decision you make about retroactive benefits versus delayed retirement credits is permanent. If you take the retroactive lump sum, your ongoing monthly benefit will be calculated based on an earlier start date, resulting in a permanently lower monthly amount. At 68, you've accrued approximately 16% in delayed retirement credits (1% for each month beyond your FRA of 66+4mo). If you take the full 6 months of retroactive benefits, you'd lose 6% of that increase. For example, if your PIA (Primary Insurance Amount) at FRA was $2,500, your current benefit with all DRCs would be around $2,900. Taking 6 months retroactive would reduce that to about $2,750 monthly but provide a lump sum of around $16,500 (6 × $2,750). Also, if you have recent high-earning years, make sure they're included in your calculation. SSA uses your highest 35 years of earnings, and sometimes recent years can replace lower-earning years from early in your career.

Make sure u ask them to explain how they calculated your benefit. My sister just got hers and it was $207 less than the estimate on the SS website and they couldn't explain why. Still fighting with them about it!!

Update: Just got back from my appointment, and I'm so glad I asked here first! I checked my earnings record before going and found a year missing from 2009 when I changed employers. Had my W-2 ready, and they were able to correct it on the spot. The agent was very helpful and patient with all my questions about retroactive benefits. After doing the math, I decided to take 3 months retroactive instead of the full 6 - seemed like a good compromise between getting some immediate money while preserving more of my monthly benefit. The whole process took about 45 minutes. They said I should receive my first payment in about 30-45 days, with the retroactive payment coming separately around the same time. Thank you all for your advice - it made a real difference!

I wish I'd known that the survivor benefit from my husband might actually be higher than my own benefit. I didn't bring any of his information because I assumed mine would be higher since I was the higher earner. Turns out his delayed retirement credits would have given me a higher monthly amount! Had to make another appointment and delay everything by 3 weeks. Also I wasn't prepared for all the questions about my employer's pension and how it affects Social Security (WEP). If you have a pension from work where you didn't pay Social Security taxes, make sure to ask about that.