Welcome to Ask Clark, a column designed to answer your financial questions, by money expert Clark Howard.
Greg from Oregon asks: ”I celebrated my 70th birthday and had decided quite some time ago to follow your advice and wait to take my Social Security until I reach this somewhat golden age.
“My first payment would be in August, my birthday month, but I’ve discovered that the Social Security Administration has a policy where they pay a month late. So my promised first check for August came in September, my September check will come this month and on and on.
“In the grand scheme of things, as I look down the road, I’ve ultimately been cheated out of one whole month of benefits. Am I missing something or has the Social Security Administration (SSA) found a way to scam all of us seniors by delaying that very first payment by one month and then never getting caught up?”
Clark says: “You’re right. They do rip you off.”
“You’re paid in arrears, so that’s why, even with your 70th birthday in August, you don’t see the money until September,” he adds.
Your birthday determines your Social Security payment schedule, according to the AARP website:
Clark is no fan of this delay, but he does like the delay of holding off on collecting Social Security benefits until age 70 if possible.
If you do that, says Clark, “It means that for as long as you live, you’re going to get a much, much larger check than what you would have received otherwise. And I’ll tell you, there’s no way I’m taking Social security before I turn 70.”
To hear Clark’s full take on this question, listen to the segment:
Do you have a question for Clark? Use this form to ask him! And remember that you can listen to the Clark Howard Podcast at any time here.
If you have a question but don’t want to go on-= the air, contact Clark’s Consumer Action Center for free money help.
This post was last modified on October 11, 2021 10:03 am
The holiday shopping season is in full swing as we head into the final month…
Can you really shop and save at the same time? It's not only possible, it…