When to apply for Social Security is an individual decision, and the right answer varies from one person to the next. It's generally wise to consider all of your options before signing up. Rushing into a decision could lead to major regret down the line. But if any of the following three scenarios apply to you, you probably want to apply in 2024.
1. You don't expect to live much longer
The primary advantage to delaying Social Security is that you grow your checks a little each month you wait. You get fewer checks as a result, but you could still wind up with a larger lifetime benefit. This strategy generally only works for those who expect to live into their 80s or beyond, though.
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Those with terminal illnesses or poor personal or family health histories often get the most from Social Security by claiming as soon as possible. If they try to wait, they run the risk of dying before they receive any benefits. Even if they can claim larger checks for a few years, they could still wind up with less overall than they would've gotten had they applied as soon as they became eligible.
Of course, none of us know exactly how long we'll live. But we can make an estimate based on our own assessment of our health. If you believe you'll only live for a few more years, you may want to apply for Social Security as soon as you can.
2. You cannot afford to pay your bills without Social Security
Delaying Social Security doesn't make sense if doing so would leave you unable to cover your essential living costs. This could create even more financial problems for you down the road. It's best to apply for Social Security as soon as possible in this situation, even if it ultimately means settling for a smaller lifetime benefit.
If you don't wish to do this, see if you can come up with alternative income sources to help with your bills. This might include going back to work at least part-time or applying for other government benefits, like Supplemental Nutrition Assistance Program (SNAP) benefits.
3. You're turning 70 or older
As discussed above, delaying Social Security increases your checks -- but only for so long. Once you reach 70, your checks don't increase anymore. If you'll turn 70 this year, it's definitely time to start claiming. Waiting longer will only cost you money.
Those who are already older than 70 can claim up to six months of retroactive Social Security benefits to recoup some of what they've missed out on. Talk to the Social Security Administration about how to do this when you apply.
How to apply for Social Security
Those who are ready to apply for Social Security this year can do so online or by visiting their local Social Security office. You'll need some personal information at the ready, including:
- Your Social Security number
- Your birth certificate or proof of U.S. citizenship or lawful alien status
- A copy of your W-2 or self-employment tax records for the previous year
If you don't have all the documents you need, reach out to the Social Security Administration. It may be able to help you obtain some of the necessary information.
The application approval process can take several weeks, so it's best to start a little ahead of when you plan to claim. You can sign up as early as four months before you'd like to receive benefits. If you have any questions about your specific situation, contact the Social Security Administration for clarification.
