Starting Social Security at 69 - will my benefit amount shown online be accurate for January 2025?
I'm planning to file for Social Security in January 2025 (to get my first payment in February). I'll be turning 70 in April, so just a few months shy of maximum retirement age. I know many will suggest waiting until 70, but I'm facing some potential work instability at the beginning of next year and want to ensure I have steady income. My main questions: 1. Is the benefit amount currently showing on my SSA account accurate for what I'd receive in January 2025? (I understand this doesn't include the 2025 COLA) 2. I see it states "2024 estimated amount" - what happens if my actual 2024 earnings end up higher or lower than what SSA estimated? 3. Will there be an adjustment in October 2025 based on my actual 2024 earnings? 4. If I continue working after starting benefits (even after turning 70), will my benefit amount increase during the October recalculations? Really appreciate any insights from those who've navigated this already!
22 comments
Join the conversation
Benjamin Johnson
The amount showing on MySocialSecurity is based on your earnings record through last year, plus SSA's estimate of your current year earnings. This is why it says "estimated" - they're making an educated guess about your final 2024 income. To answer your questions: 1. The amount shown is a good estimate, but not 100% exact for January 2025 2. If your actual 2024 earnings differ from their estimate, SSA will eventually recalculate 3. Yes, around October 2025, they'll do an automatic earnings recomputation (AERO) based on your actual 2024 earnings 4. Absolutely! Even after age 70, continued work can increase your benefit. Each year, SSA reviews if your new earnings would increase your benefit amount Since you're filing at 69, you've already earned significant delayed retirement credits. It's a perfectly reasonable strategy if you need the income security.
0 coins
Victoria Scott
•Thank you for such a detailed response! I hadn't heard of the AERO process before. So just to be sure I understand - if I make significantly more in 2024 than SSA estimated, I might see an increase in October 2025? And this would be separate from any COLA adjustment, right?
0 coins
Zara Perez
you should really wait till 70 if you can!! those last few months give you extra $$ for LIFE. but i get the work situation thing, sometimes you gotta do what you gotta do
0 coins
Victoria Scott
•I know waiting until 70 would be ideal, but with the uncertainty at work, I'm just trying to be prepared. The peace of mind might be worth the slightly smaller check, especially since it's only a few months difference.
0 coins
Daniel Rogers
I filed at 68 last year and had a similar situation. The amount on the website was pretty close to what I got, but understand it's just an estimate. They definitely adjust it later based on your actual earnings. What's frustrating is how LONG it takes them to make these adjustments sometimes! I had higher earnings than they estimated, and it took almost 9 months after I filed my taxes before I saw the increase. No retroactive payment either - just started getting the higher amount. And YES, if you continue working after starting benefits (even past 70), they should increase your benefit if those earnings are higher than previous years used in your calculation. They do this automatically each year.
0 coins
Victoria Scott
•That's good to know about the timing. I didn't realize the adjustment could take that long after filing taxes. Did you have to contact them about it, or did it just happen automatically?
0 coins
Daniel Rogers
It happened automatically, but honestly I was getting impatient. I tried calling SSA multiple times to ask about it, but you know how that goes - hours on hold only to get disconnected! Finally got through on my third attempt and they confirmed it was "in process" but couldn't give me a timeline.
0 coins
Aaliyah Reed
•The phone situation with Social Security is INSANE. I wasted 5 hours last month trying to get through. Finally used Claimyr.com and got a callback in 20 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU - totally worth it for saving hours of frustration. My benefit calculation had an error and I needed to speak with someone directly to fix it.
0 coins
Ella Russell
the SSA website is notoriously INACCURATE!! my amount was off by $380 when i finally got my first check!!! they dont tell you that the website doesnt calculate everything correctly. and then you have to FIGHT with them to get it fixed. took me 4 months of calling to get my correct amount. the govt just hopes you dont notice so they can save $$$
0 coins
Mohammed Khan
•This is misleading. The SSA calculator is generally quite accurate, but it can't account for every variable. The discrepancy you experienced is unusual and likely related to specific circumstances in your earnings record or benefit calculation. While SSA does make mistakes, there's no conspiracy to deliberately underpay people. Most discrepancies are due to timing issues with earnings records or complications with specific rules like WEP or GPO that affect certain beneficiaries.
0 coins
Gavin King
I'm confused about something similar - I'm 65 and planning to file at my FRA of 67 in 2026. Does the website estimate include the delayed retirement credits I've already earned for waiting past 62? And what about future COLAs? The whole calculation process is a mystery to me even after reading for hours on ssa.gov.
0 coins
Benjamin Johnson
•Yes, the estimate on MySocialSecurity for your future benefits should include the delayed retirement credits you've already earned by waiting past 62. However, it doesn't include future COLAs, since those aren't known yet. Each year's COLA is determined by inflation metrics and announced in October for the following year. The benefit estimator uses your actual earnings history plus projections of future earnings (based on your recent work) to calculate your projected benefit at different claiming ages. It's showing you the benefit in today's dollars, not inflated future dollars.
0 coins
Zara Perez
i just started my ss benifits in november and my check was exactly what the website said it would be. so dont worry too much about it
0 coins
Mohammed Khan
To add some specifics to the earlier responses: 1. The MySocialSecurity estimate is generally quite accurate if your earnings situation remains consistent. It's based on your earnings through 2022, plus an estimate for 2023-2024. 2. The AERO (Automatic Earnings Recomputation Operation) process happens annually, typically processing in the latter half of the year following when you file your tax return. 3. Any increase from an AERO recalculation is retroactive to January of the year the recalculation is processed. 4. The earnings test doesn't apply once you reach your full retirement age (FRA), which you've already passed, so you won't have benefits withheld regardless of how much you earn. 5. Regarding your work in 2025 after you start benefits: this can still increase your benefit amount if 2025 earnings are higher than any of the 35 highest earning years currently used in your calculation. Finally, if your work situation changes and you decide to wait until 70 after all, remember you can still get up to 6 months of retroactive benefits when filing at 69+, though doing so would reduce your monthly amount slightly.
0 coins
Victoria Scott
•Thank you for these specifics - really helpful! I didn't know about the retroactive adjustment to January. And great point about retroactive benefits if I do end up waiting until 70. I'm going to run some numbers based on this to see what makes the most sense for my situation.
0 coins
Aaliyah Reed
My sister had this EXACT situation last year (she was 69, turning 70 in March). The amount she got was about $80 less than what showed on the website. When she called, they said it was because her 2023 earnings were less than what they estimated. Just be prepared for some difference.
0 coins
Zara Perez
what about medicare?? are you already on that?? you should sign up if your turning 70
0 coins
Mohammed Khan
•Medicare eligibility begins at 65, not 70. The OP mentioned being 69 already, so they should have enrolled in Medicare several years ago (unless covered by employer insurance from active employment). If the OP hasn't enrolled in Medicare yet and isn't covered by employer insurance, they may be facing late enrollment penalties. In that case, they should contact Social Security immediately about enrolling.
0 coins
Ella Russell
anyone know if taking SS at 69 vs 70 affects the RMD calculations for IRAs? im confused about how they interact
0 coins
Benjamin Johnson
•Social Security claiming age has no direct impact on Required Minimum Distributions (RMDs) from IRAs. These are completely separate systems. RMDs now begin at age 73 (for those born 1951-1959) or 75 (for those born 1960 or later), following the SECURE 2.0 Act. The calculation is based on your account balance and life expectancy tables published by the IRS, not your Social Security claiming age. However, your combined income (including Social Security benefits and IRA distributions) can affect how much of your Social Security benefit is taxable. Up to 85% of benefits may be taxable depending on your overall income.
0 coins
Daniel Rogers
One more thing to consider - when you apply in January 2025, your benefit won't actually start until February, and your first payment will arrive in March. Social Security pays a month behind, so February's payment comes in March, March's in April, etc. Make sure you have enough savings to tide you over during that initial gap, especially if your work situation is uncertain!
0 coins
Victoria Scott
•That's a great point about the payment timing! I was aware of the month behind payment schedule, but it's a good reminder to make sure I have enough to cover that transition period. Thanks!
0 coins