Ask the Expert: How long do I have to wait to get maximum Social Security benefit?

I have two questions about how to receive the maximum Social Security benefit. My full retirement age (FRA) was 66 years and two months. Does that mean I must wait until I’m 70 and two months to start receiving Social Security in order to get the maximum benefit, or just until 70? Do I wait until I reach the required age to apply? I don’t want to apply too early and miss the previous year’s increase.

For the maximum benefit, take Social Security starting at age 70. You don’t gain anything by waiting longer.

For readers who don’t know, when you postpone Social Security past your full retirement age, your benefit grows 8% a year in “delayed retirement credits.” These credits are in addition to all annual inflation adjustments. They accrue on a monthly basis, starting with the month you attain your full retirement age and ending with the month you turn 70. The monthly accrual means you don’t have to wait until you’re 70 to boost your benefit. If you postpone your application 12 months past your FRA, for example, you’ll increase your monthly check by 8%.

The rule of thumb is to apply for Social Security three months before your benefit start date. If you turn 70 in April, you can apply in January. (Every benefit check is paid the following month. Your April benefit will actually arrive in May.) To be certain you get the maximum benefit, when you apply tell the representatives at your local Social Security office that you want your benefit to include all the credits that have accrued up to your age 70 benefit start date.

The bottom line

Your monthly benefit check will be bigger if you can delay taking Social Security benefit past your full retirement age.

More information

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bit.ly/SSAdelayedretirementcredits