Key Social Security Deadlines Many People Miss Until It’s Too Late

If your retirement savings are not where you want them to be, you may end up depending heavily on Social Security to help pay for living costs in later life. That is why it is important to know when to file for benefits.

It also helps to understand when Medicare enrollment begins, how to respond to notices from the Social Security Administration (SSA), and when you can reconsider important claiming choices. Missing certain Social Security deadlines can lead to serious consequences.

Here is a look at the major Social Security deadlines and ages current and future retirees should keep in mind.

Age 62: the earliest time to apply

The earliest age you can begin collecting Social Security retirement benefits is 62. Even so, you can submit an application up to four months before you want payments to begin, which means you may apply as early as 61 years and 9 months.

If you do not claim benefits as soon as you are able, your monthly checks will simply begin later. That is not always a disadvantage, since filing at 62 can reduce your monthly benefit by as much as 30% compared with waiting until full retirement age.

Age 67: full retirement age

For people born in 1960 or later, full retirement age is 67. At that point, you can receive your Social Security retirement benefit without an early-claiming reduction. You may also file up to four months before reaching full retirement age so your payments start on time.

If you do not sign up by 67, that is not necessarily a problem. Delaying beyond that age can still earn you credit, although waiting too long is not advisable.

Age 70: delayed credits stop

If you wait to claim Social Security beyond full retirement age, you can earn delayed retirement credits. These increase your benefit by 8% for each year you postpone claiming.

But once you reach 70, those credits no longer build. There is no advantage to delaying your claim past that point, and waiting too long after 70 could mean leaving money on the table.

The SSA can pay retroactive benefits for up to six months. So if you forget to claim at 70 but file by age 70 and a half, you may still avoid losing money.

Within 12 months of approval: the one-time do-over

If you claim Social Security early and later regret it, you may not be stuck with permanently reduced benefits. You are allowed to withdraw your retirement application once in your lifetime, but the timing matters.

The SSA allows withdrawal of an application within 12 months of benefit approval. If you act within that window and repay any benefits you have received, you can file again later. You will also need to repay any amount withheld from your checks for Medicare premiums.

Age 65: enrolling in Medicare

If you are already receiving Social Security before age 65, you will generally be enrolled in Medicare automatically once you qualify. Otherwise, you must sign up on your own.

Your initial Medicare enrollment period starts three months before the month you turn 65 and ends three months after that month, giving you a seven-month window in total.

Missing that deadline can lead to a 10% surcharge on Part B premiums for each full year you could have enrolled but did not. That penalty is permanent.

If you qualify for a special enrollment period, though, that surcharge is usually waived. This generally applies if you had qualifying group health coverage during your initial enrollment window.

The 60-day appeal window

Filing for Social Security does not always mean the process will go your way. If the SSA denies your claim, you need to move quickly.

You normally have 60 days from the date you receive the SSA’s decision notice to file an appeal. If you miss that deadline, you may lose the right to appeal altogether.

The 30-day overpayment response window

If the SSA sends you more money than you should have received, it will want the excess back. When you get an overpayment notice, you usually have 30 days to request a waiver or appeal. The SSA will generally wait to collect until it reviews your request and reaches a decision.

If you do not respond and do not repay the SSA, it will usually withhold 50% of your retirement benefits or 10% of your SSI payments each month until the debt is recovered.

The bottom line

Social Security is likely to play a major role in retirement planning for many people. Knowing when to file, and understanding what happens if you miss certain windows or deadlines, can make a big difference, especially if you expect to live mainly on Social Security.

It is also important to know when to enroll in Medicare and how to respond to SSA notices and decisions. Learning these rules can help you approach retirement with more confidence.

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