SHERRY HOLLIMAN (cont.)

will specify the month you wish your benefit to start when you apply.

• Social Security applies DRCs in January of each year, so if you apply midyear 2021, your DRCs earned in 2021 won’t be applied to your benefit payment until January of 2022.

• You can claim up to 6 months retroactive benefits, which would be paid in a lump sum. If you choose to take retroactive benefits your “benefit-start-month” will be backdated by 6 months, your benefit amount will be reduced accordingly (by 4%), and you’ll get that reduced benefit for the rest of your life (except for Cost of Living Adjustments annually awarded).

So, this may be more detail than you expected for your simple question, but claiming SS is a serious decision and it’s important you have complete information before you apply.

This article is intended for information purposes only and does not represent legal or financial guidance.

It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (amacfoundation.org/programs/ social-security-advisory) or email us at ssadvisor@ amacfoundation.org.

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