Will Social Security delayed retirement credits for 2024 apply if I file in December for age 70 benefits?

wait ur turning 70 in jan? u know u dont get any more increases after 70 right? u should probably just apply now tbh

Your financial advisor is partially correct, but there's a nuance here. When you file for benefits to begin at age 70, you WILL receive all DRCs earned up through the month before you turn 70. However, there can sometimes be a processing delay in how the SSA adds the final year's DRCs to your benefit amount. If you apply in December 2024 for benefits to begin January 2025, your initial payments might not reflect the complete 2024 DRCs. However, once SSA processes everything (typically within a few months), they will adjust your benefit amount to include ALL DRCs earned through age 70 and pay any difference retroactively. So to directly answer your question: No, you don't have to wait until 2025 to apply. You can apply in December 2024 (or up to 4 months before you want benefits to begin) and you'll still eventually receive all DRCs you've earned.

I went thru this EXACT situation last year. Applied in November for January benefits at age 70. My first 3 payments were slightly lower than they should have been. Then in April they adjusted everything and paid me the difference. Just make sure u check ur benefit amount carefully!!!

It was automatic BUT i still called to confirm everything was correct. Took me 4 hours to get anyone on the phone at SSA!!!!

MY SISTER DIDNT GET HER FULL CREDITS AND SOCIAL SECURITY TOLD HER TOUGH LUCK!!! They said she filed "too early" and REFUSED to fix it!! She lost almost $200/month FOREVER!! The system is RIGGED against us seniors!!

I think everyone is overthinking this. Just wait until Jan to apply if you're worried. Problem solved.

The confusion here stems from how SSA processes Delayed Retirement Credits (DRCs). When you delay past Full Retirement Age, you earn DRCs at 2/3 of 1% per month (8% per year). These credits are applied to your Primary Insurance Amount (PIA) to calculate your final benefit amount. The Social Security Administration typically applies DRCs earned through the year you turned 69 at the beginning of the following year. DRCs earned in the year you turn 70 are included when you apply for benefits. If you apply in December 2024 for January 2025 benefits, here's what happens: 1. Your initial benefit calculation will include DRCs through 2023 (automatically processed at the beginning of 2024) 2. The DRCs earned during 2024 will be added to your benefit amount after processing, usually within 3-4 months 3. Any underpayment will be paid retroactively The key point: You don't lose any DRCs by applying in December. The timing of when they're factored into your payments is what varies. Filing in January vs. December makes little practical difference except potentially in when you receive your full correct amount.

ok but why not just claim at 62 and enjoy the $$ sooner? my uncle waited till 70 and died 2 months later, all that money left on the table smh

One more thing i learned the hard way - make sure you specificlly tell them you want your benefits to START in January. Don't just say you're applying for benefts AT age 70. If your birthday is in Jan. but you file in Dec. be VERY CLEAR about this!!!