“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:
- If your birthday is between the first and the 10th day of the month, you'll get paid on the second Wednesday of each month.
- If your birthday is between the 11th and the 20th, you'll get paid on the third Wednesday of the month.
- If your birthday is between the 21st and the end of the month, you'll get paid on the fourth Wednesday of the month.
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.”
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