Understanding the Social Security Benefit Start Date at Age 70
Delaying Social Security benefits until age 70 is a strategy many financial planners recommend for maximizing your monthly payments. By waiting past your full retirement age (FRA), you earn Delayed Retirement Credits (DRCs) that increase your benefit amount every month until you reach 70. The credits stop accumulating once you reach this milestone, so there is no financial advantage to waiting any longer. To secure the highest possible monthly payment, you should elect to have your benefits start in the month you turn 70.
The Standard Claiming Scenario
For the vast majority of people, the payment schedule is straightforward. The Social Security Administration (SSA) operates by paying benefits in the month following the month they are due. This means if your 70th birthday falls anytime between the 2nd and 31st of a month, your eligibility for benefits starts that same month, but your first check won't arrive until the following month.
- Example 1: Your 70th birthday is on July 17th. Your benefits start accruing in July, but your first check will be sent in August.
- Example 2: Your 70th birthday is on October 25th. Your benefits start accruing in October, but your first check will be sent in November.
The Special Rule for a Birthday on the First of the Month
There is a notable exception for those born on the first of the month. The SSA considers you to have attained your age on the day before your birthday. This small distinction can affect your benefit start date and lead to an earlier first payment.
- Rule: If your birthday is on the 1st of the month, the SSA counts your 70th birthday as happening in the previous month.
- Example: You were born on July 1st. The SSA considers you to have turned 70 in June. You can request your benefits to start in June, and you will receive your first payment in July.
Comparison Table: Standard vs. First-of-the-Month Birthdays
| Feature | Standard 70th Birthday (2nd-31st) | First-of-the-Month 70th Birthday | Impact at Age 70 |
|---|---|---|---|
| Month of Eligibility | Month you turn 70 | Month before you turn 70 | Access maximum benefit sooner. |
| Month of First Payment | Month after you turn 70 | Month you turn 70 | Earlier cash flow for those with a 1st-of-the-month birthday. |
| Example (July Birthday) | Born July 17th, first payment in August | Born July 1st, first payment in July | The difference can be a full month of benefits earlier. |
| Application Strategy | Apply four months before your 70th birthday month, specifying your birth month as the start. | Apply four months before the month preceding your 70th birthday, specifying that preceding month as the start. |
The Role of Delayed Retirement Credits
For those who delay claiming past their full retirement age (FRA), the benefit amount grows by a set percentage each month. This is a key reason for waiting until age 70. This system of DRCs is a powerful incentive, as the 8% annual increase adds up significantly. Waiting beyond age 70, however, yields no further increase in your monthly benefit.
If you were born in 1960 or later, your FRA is 67. By delaying your claim until 70, you can increase your benefit by 24% over what you would have received at age 67. The maximum benefit is achieved at age 70, so proper timing is crucial. If you miss your ideal start date, the SSA may pay retroactive benefits for up to six months, but only after you’ve reached your FRA.
How to Apply for Maximum Benefits
To ensure you receive the maximum benefit at age 70, it's critical to apply correctly. You can begin the application process up to four months before you want your benefits to start. Applying well in advance allows ample time for processing and helps avoid any gaps in income.
For most people turning 70, specifying their birth month as the benefit start month will ensure the highest possible payout. Those with a birthday on the 1st of the month should use the prior month as their start date. Application methods include online, by phone, or in-person at a Social Security office.
Conclusion
Understanding the nuanced rules surrounding the start date of your Social Security benefits is the final piece of a successful retirement plan for maximizing your payments. While benefits for most people turning 70 will effectively begin the month after their birthday, those born on the first of a month can initiate benefits one month earlier. There is no financial benefit to waiting beyond age 70, so applying on time is a key step to securing your maximum monthly income in retirement. For the most accurate and personalized information, always consult the Social Security Administration directly or use their online planning tools.
What Determines Your Monthly Social Security Payment Date?
Separate from the start month, the specific day your payment is received each month depends on your birth date. For those who began receiving benefits after May 1997, the schedule is:
- Birthdays 1st–10th: Payments on the second Wednesday of the month.
- Birthdays 11th–20th: Payments on the third Wednesday of the month.
- Birthdays 21st–31st: Payments on the fourth Wednesday of the month.
Those who began receiving benefits before May 1997 are typically paid on the third of each month, regardless of their birth date.
