Q&A: Maxing out retirement benefits

Dear Liz: I turn 70 in July. Will I need to wait to start my Social Security benefits until 2022 to receive my full benefit, or can I start them in August 2021?

Answer: There’s no need to wait to claim your benefits once they max out at age 70. If you did apply late, you could get a maximum of six months of retroactive benefits but no more.

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  1. Randy C. Hamilton says

    Tell the 70 year old that the SSA will backdate automatically the claim 6 months and therefore cheat them out of 6 months’ growth (which is the reason to wait til 70!!) unless they make it clear not to.

  2. Sylvester Kueh says

    My wife and I both turned 70 on December 2020. Does that mean we have to take our RMDs for Years 2021 & 2022? I know we can delay taking the first by April 15, 2022. Someone says, if I take our first before April 15, 2022, I need to take our second before December 31, 2022? Is that correct? Also if I take our first in April 2022, does that goes into TAX YEAR 2021 reporting?

    • Liz Weston says

      Hi, Silvester. The age for required minimum distributions in now 72. You’ll still be able to delay until April 15 of the following year, but that means you’ll have two distributions in one year, so definitely check with a tax pro.