Maximize your Social Security benefits based on how much a person has earned over their lifetime.
Social Security’s large “retroactive” payment can have a nasty sting. (Illustration by: Paul Blow)
Can I get retroactive payments on my Social Security?
The full retirement age, or FRA, depends on the person’s birth year. Social Security payments start in the month you were born and go on from there. Once you reach FRA, or full retirement age, you can maximize your Social Security benefits as you can get 100% of the benefits. Those who start getting benefits before FRA can’t get retroactive payments.
The full retirement age, or FRA, depends on the person’s year of birth. Social Security payments start in the month you were born and go on from there. Those who wait to apply for Social Security benefits after their FRA can get up to six months of back pay. Those who wait longer than six months will still only get six months of back pay, though.
People who put their benefits on hold for a while after reaching full retirement age used to be able to get retroactive payments for the whole time they were on hold, but Congress stopped that in 2016.
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Can I Retire at 70?
If you retire before you turn 70, you can’t maximize your Social Security benefits you won’t get some of your delayed retirement credits until January of the year after you start getting benefits.
For example, if you reach full retirement age (67) in June, you may decide to wait until your 69th birthday to start receiving retirement benefits. Your first benefit payment will be based on the delayed retirement credits you earned from the time you reached your full retirement age until the year before your 69th birthday.
In January of the year after your 69th birthday, maximize your Social Security benefits as it will go up by the number of credits you earned that year. Our online calculator gives you a rough estimate after all credits have been taken into account so you can compare.
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