I will turn 70 on 1/17/2021. When should I apply for social security to get the last 8% increase? Can I get my first payment in February, 2021 or do I need to wait to January, 2022?
Leyla Morgillo, a certified financial planner with Madison Financial Planning Group, recommends applying for your Social Security benefit a few months prior to your 70th birthday and clearly stating on the application that you would like your benefits to begin on January 17, 2021.
"This will ensure you have gotten the full 8% increase available," says Morgillo. "Social Security benefits are paid the month after they are due, so the first monthly benefit will be paid in February."