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Followup: Social Security - Application Approval - How Long?
Posted by: DewGuy
Date: March 01, 2024 11:46AM
Original thread here.

The missus submitted her application for Social Security benefits online on December 20, 2023, with them scheduled to start in March 2024 (first check in April 2024).

Today, March 1, 2024 she received email notification stating "Your Submission Status Has Been Updated". She checked online and it shows that she was approved on February 28, 2024 for benefits to start in March 2024. smiling smiley

Thanks to everyone who replied to the original thread, particularly GGD who laid out all the details of his wife's experience as it put my wife at ease with the waiting.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: GGD
Date: March 01, 2024 12:00PM
Glad to hear that it all got processed smoothly.

One more thing, if you want federal taxes withheld from the monthly payments you need to fill out form W-4V and fax or mail it to your local social security office. You'll get something in the mail telling you this but with the delay in receiving that they'll miss the first month and start withholding on the second month. If you do this now you might get it in effect for the first month.

[www.ssa.gov]
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: DewGuy
Date: March 01, 2024 12:45PM
Quote
GGD
Glad to hear that it all got processed smoothly.

One more thing, if you want federal taxes withheld from the monthly payments you need to fill out form W-4V and fax or mail it to your local social security office. You'll get something in the mail telling you this but with the delay in receiving that they'll miss the first month and start withholding on the second month. If you do this now you might get it in effect for the first month.

[www.ssa.gov]

GGD, thanks for the tip.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Ombligo
Date: March 01, 2024 01:19PM
Quote
GGD
Glad to hear that it all got processed smoothly.

One more thing, if you want federal taxes withheld from the monthly payments you need to fill out form W-4V and fax or mail it to your local social security office. You'll get something in the mail telling you this but with the delay in receiving that they'll miss the first month and start withholding on the second month. If you do this now you might get it in effect for the first month.

[www.ssa.gov]

Thanks for the tip, I haven't decided whether to start SS this year or wait until I actually have to when I turn 70. The only reason to start would be to put it into investments every month rather than trust the government. I'm running the numbers and getting advice right now.



“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Acer
Date: March 01, 2024 01:30PM
Boomer.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: graylocks
Date: March 01, 2024 03:39PM
Quote
Ombligo

Thanks for the tip, I haven't decided whether to start SS this year or wait until I actually have to when I turn 70. The only reason to start would be to put it into investments every month rather than trust the government. I'm running the numbers and getting advice right now.

guaranteed 8% yearly return if you wait. i waited.



If you want to fix our country, work with us in the states. statesproject.org

"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Ombligo
Date: March 01, 2024 04:03PM
Quote
graylocks
Quote
Ombligo

Thanks for the tip, I haven't decided whether to start SS this year or wait until I actually have to when I turn 70. The only reason to start would be to put it into investments every month rather than trust the government. I'm running the numbers and getting advice right now.

guaranteed 8% yearly return if you wait. i waited.

but If I die, my kids are screwed. I've averaged 11% over the last decade so there is good chance I can beat that guarantee. The only thing holding me back is the affect on our AGI. That ties into health insurance for the nest 3 years and needs to be considered.



“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late



Edited 1 time(s). Last edit at 03/01/2024 04:06PM by Ombligo.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: PeterW
Date: March 01, 2024 04:37PM
Yes but…you’re passing up 48 months of the base SS. Takes years to recoup that money. The gamble is how long you’re going to live past 70.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: richorlin
Date: March 01, 2024 07:04PM
Quote
PeterW
Yes but…you’re passing up 48 months of the base SS. Takes years to recoup that money. The gamble is how long you’re going to live past 70.

However if you live to your mid-eighties, according to the actuaries, it’s a wash. Whether you started at 65 or 70 you would have collected the same amount.
I waited until 70. I didn’t care about the total amount collected when I died. I was more concerned about the amount each month. When you are dead, it really doesn’t matter how much you’ve collected in total. Nobody’s counting.



Edited 1 time(s). Last edit at 03/01/2024 07:05PM by richorlin.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Black
Date: March 01, 2024 08:39PM
Chicago is redeemed.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Speedy
Date: March 01, 2024 10:04PM
Congrats!

My wife’s Nov. 16, 2023 application is still at beginning of Step 2 (of 3). She turned 70 in the first half of December.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.



Edited 1 time(s). Last edit at 03/01/2024 10:04PM by Speedy.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: NewtonMP2100
Date: March 02, 2024 09:15AM
....sign up for online account at Social Security.....it will make it easier to get lost card, change direct deposit account, change address, etc. without have to call the telephone number......you can just update your account....



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Re: Followup: Social Security - Application Approval - How Long?
Posted by: DewGuy
Date: March 02, 2024 08:21PM
Quote
Speedy
Congrats!

My wife’s Nov. 16, 2023 application is still at beginning of Step 2 (of 3). She turned 70 in the first half of December.

Thanks. At this point I think your wife should call and see what's taking so long. Here's hoping she has a quick and positive outcome.
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Re: Followup: Social Security - Application Approval - How Long?
Posted by: Speedy
Date: March 02, 2024 09:26PM
Quote
DewGuy
Quote
Speedy
Congrats!

My wife’s Nov. 16, 2023 application is still at beginning of Step 2 (of 3). She turned 70 in the first half of December.

Thanks. At this point I think your wife should call and see what's taking so long. Here's hoping she has a quick and positive outcome.

We try but we are abroad and the call drops an hour or two before anyone would answer.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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