There are a couple of circumstances where the Social Security Administration changes your birthdate for you. Chances are if this applies to you, you already know this, but I thought I’d explain it anyhow just so you’ll know what it’s all about.
First of the Month
If your date of birth falls on the first day of the month, then for Social Security purposes, your Birth Month is actually the month prior to your actual date of birth. So, if you were born on July 1, according to the Social Security Administration, your Birth Month — and therefore the month that your benefit is based upon (for example, Full Retirement Age) — is June. In this example, your Birth Year remains the same, but that’s not always the case … as you’ll see below.
First of January
In the case of a date of birth being Jan. 1, your Birth Month is December, and your Birth Year is the year prior to your actual birth.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Twenty-ninth of February
If you are one of the lucky ones who happens to have been born on Leap Day, meaning Feb. 29, don’t worry! Even though your birthday only comes once every four years, your benefits won’t be affected. The Social Security Administration doesn’t really care what day of the month you were born on, only the month and year. So even though your actual date of birth anniversary doesn’t come every year, the month does, and the Social Security Administration counts February as your Birth Month in your case.
The Bottom Line
When it comes to Social Security, nothing is simple — even your birthday. Make sure you understand all the rules before making your benefit decisions.
-
Sequence of Return Risk: How Retirees Can Protect ThemselvesYou need to understand this risk, or you might run out of money in retirement. Here's how it works — and some mitigation strategies for financial stability.
-
Earthquake Insurance: Do You Need It? What Does It Cover?Some homeowners are shocked to find out that their homeowners insurance doesn’t cover earthquake damage. Here's the lowdown on how earthquake insurance works.
-
Sequence of Return Risk: How Retirees Can Protect Themselves
You need to understand this risk, or you might run out of money in retirement. Here's how it works — and some mitigation strategies for financial stability.
-
Earthquake Insurance: Do You Need It? What Does It Cover?
Some homeowners are shocked to find out that their homeowners insurance doesn’t cover earthquake damage. Here's the lowdown on how earthquake insurance works.
-
Three Reasons Why Your Adviser Won't Talk TaxesFinancial advice and tax advice go hand in hand — or at least they should. But a lot of times, they don’t. Here's why and what to watch out for.
-
Why Your Life Insurance Should Cover More Than Just DeathIf you became ill or an injury left you unable to work, how would you cover your expenses? Life insurance with living benefits could be the answer.
-
What Not to Do When Planning Your RetirementCommitting any of these four common mistakes can set you back in your golden years. Here's how to increase your chances of a successful retirement.
-
The Three Financial Questions Every Retiree Asks (or Should)Unless you can answer these three important questions, you may be at risk for the biggest retirement worry there is: Running out of money.
-
Six Missteps to Avoid as You Transition to RetirementDon't lose sight of your finances when you finally reach retirement. These six classic missteps can chip away at the nest egg you’ve worked so hard to build.
-
Why Does One Claim Jack Up My Insurance After Years of No Claims?Even loyal customers can be hit with an insurance premium hike after a claim, despite going many years without any claims. There's a reason for that.
