Ask Bob: When is the Best Time to Apply for Social Security Benefits?

Question

I will turn 70 on 6/10/2021 and will apply to collect my Social Security. I have been collecting 50% of my husband's Social Security benefit since I reached full retirement age (FRA), thanks to your column. Who knew!!

Wondering what I need to do and when to activate and start collecting my Social Security benefit so that I do not lose any eligible payments, as my benefit far exceeds the 50% benefit I currently collect. When is the best time to contact the Social Security Administration and do I need to schedule an in-person appointment or start the process online?

Answer

There is no need to schedule an in person meeting at the local office, says Chris Hardy, CFP®, and founder of Paramount Investment Advisors, Inc. “You can apply online or over the phone to make it easier.”

“The best time is a few months before your 70th birthday,” Hardy notes, “to have your start date be effective once you turn age 70. The reason this date is important, there are no additional increases in benefits once you hit age 70.”

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