Plan for retirement
Apply for your monthly retirement benefit any time between age 62 and 70. Social Security calculates your payment by looking at how much you’ve earned throughout your life. The amount will be higher the longer you wait to apply, up until age 70. The timing is up to you and should be based on your own personal needs.
Withholding taxes from benefit payments
You may pay federal income taxes on your benefits if your combined income (50% of your benefit amount plus any other earned income) exceeds $25,000/year filing individually or $32,000/year filing jointly. You can pay the IRS directly or have taxes withheld from your payment.
Knowing your “Full Retirement Age”
“Full Retirement Age” is a point in time between age 66 and 67, which Social Security uses to determine your benefit amount, as well as your family’s benefits. Regardless of your Full Retirement Age, your payment will be higher the longer you wait to apply, up until age 70.
When to apply
Timing your first benefit payment
You can time your first benefit payment to avoid a gap in income. Your first check won’t arrive until the month after the one you pick in your application. You can apply any time up to four months before the month you pick.
For example, you want your first check in April. Follow this timing:
- Apply in November, December, January, February, or March
- Pick March in the application
- Get the first check in April
Getting the maximum amount because of a current or former spouse’s work
If you’re eligible because of a spouse’s work, the amount is at its highest at your “Full Retirement Age” (between 66 and 67). It doesn’t increase if you wait and apply after that time. If your spouse has passed away, you may be eligible for Survivor benefits starting at age 60, or at age 50 if you are disabled.