Hi everyone! I'm brand new to this community but had to jump in because I literally just experienced this exact same thing last month. My SSA verification letter showed $1,756 but my actual deposit was $1,755. I was applying for a home equity line of credit and when I brought up the $1 discrepancy, the loan processor immediately said "Oh right, that's the Social Security rounding issue - we have a standard procedure for this." She explained that their underwriting team sees it so frequently they don't even flag it anymore as long as the difference is just a dollar or two. It's incredibly reassuring to read through all these responses and see how universal this SSA quirk really is! Whether it's mortgages, car loans, rentals, or banking, it seems like every financial institution already knows about this rounding vs truncation difference. Your foreign bank should definitely be familiar with it too, but having a simple explanation ready is always wise. Thanks for posting this - it's been really helpful to see everyone confirming this is just normal SSA practice!

Hi everyone! I'm new to this community but wanted to share my experience since I just dealt with this exact same situation a couple weeks ago. My SSA verification letter showed $1,967 but my actual monthly deposit was $1,966. I was refinancing my mortgage and when I mentioned the $1 difference to my loan officer, she immediately said "Oh that's completely normal with Social Security - we see that discrepancy constantly because their verification letters round up while the actual payments truncate any cents." She told me their processing team is so familiar with this SSA quirk that they have it documented in their standard procedures. It's really reassuring to read through all these responses and see how widespread this issue is! From what everyone's sharing here about mortgages, car loans, rentals, and banking, it's clear that financial institutions across the board already know about this rounding versus payment difference. Your foreign bank should definitely understand too, especially since this seems to be such a well-known aspect of Social Security documentation. Having a simple explanation ready is smart advice though. Good luck with your international account setup!

Welcome to the community! As a newcomer, I wanted to share some encouragement after reading through all these helpful responses. Your situation is actually more common than you might think - many seniors find themselves in that frustrating "gap" where their Social Security is just slightly above certain benefit thresholds. What really stands out to me from everyone's advice is that even if SSI doesn't work out due to the income limits, you have several other promising options that could provide real financial relief. The Medicare Savings Program alone could save you over $2,000 annually, and the Extra Help program for prescription drugs could save thousands more. Combined with the benefits counseling services that can help identify local programs you might not know about, you could see a significant improvement in your financial situation. I'm impressed by how proactive you're being in seeking out information and resources. The fact that you're already successfully receiving SNAP benefits shows you have the skills to navigate these systems. Don't let the complexity discourage you - take it one application at a time, and remember that even small wins (like saving on Medicare premiums) can add up to major relief in your monthly budget. Keep us posted on how your applications go - your experience could help other seniors in similar situations!

Welcome to the community! I'm new here but wanted to share some resources that might help. Even though your $1,142 Social Security puts you right at the edge of SSI eligibility, there are actually several pathways worth exploring. First, I'd recommend calling 211 (or visiting 211.org) - it's a free service that connects you with local assistance programs in your area. They often know about county-specific programs for seniors that aren't widely advertised. Also, since you mentioned you don't drive anymore, check if your county has a Senior Ride program or medical transport vouchers. Many Florida counties offer free or low-cost transportation specifically for seniors going to medical appointments or essential errands like grocery shopping and banking. One thing I learned from helping my grandmother is that timing can matter with these applications. If you have any months where your expenses are unusually high (like if you need dental work or have to replace appliances), your net available income might dip enough to qualify for certain programs during those specific months. The community here has given you excellent advice about the Medicare Savings Programs and benefits counseling - those should definitely be your first priority since they have the best chance of approval and biggest financial impact. Good luck with everything!

Congratulations on your retirement! Just wanted to add one more consideration that might be relevant to your situation. Since you mentioned depreciation recapture of about $92,000, make sure your tax preparer properly categorizes this on your return. While depreciation recapture is generally treated as capital gains (which doesn't count toward the earnings test), there can be some nuances depending on how your business was structured and whether any portion might be considered ordinary income. Also, when you do apply in January 2025, make sure to have all your 2024 tax documents ready. The SSA will want to see your final W-2 and tax return to verify your actual earned income for the earnings test calculation. Since you're planning to use Claimyr to speak with an agent, you might also ask them about the special monthly earnings test that can sometimes apply in your first year of retirement - it might provide some additional flexibility if your circumstances change. Good luck with your retirement planning!

One thing I haven't seen mentioned yet is Medicare considerations. Since you're planning to retire at 62, you won't be eligible for Medicare until 65. If your business provided health insurance, make sure you have a plan for coverage during those 3 years. You might be eligible for COBRA from your business (if it had enough employees), or you'll need to look into ACA marketplace plans. This is especially important since you're planning to delay Social Security until 2025 - you want to make sure your healthcare costs are factored into your retirement budget. The good news is that your 2024 high income year shouldn't affect Medicare premiums since those are based on income from 2 years prior.

my brother told me that the cola increases are only for people already getting benefits and that the ssa uses some wierd formula for everyone else but sounds like he was wrong!!!!

Just wanted to add my perspective as someone who's been through this process! I delayed claiming until 70 last year and can confirm that the COLA increases definitely applied to my benefits during the waiting period. What I found helpful was creating a spreadsheet where I tracked my estimated benefit with conservative COLA projections (I used 2.5% annually) versus more optimistic ones (3.5%). The actual increases ended up being somewhere in between, but having that range helped me feel more confident about my retirement budget. One tip: don't forget that Medicare Part B premiums are often deducted from your Social Security payments, and those premiums can increase annually too. It's a smaller factor but worth including in your planning calculations. Good luck with your decision to wait until 70 - the delayed retirement credits plus COLAs really do make a meaningful difference!

This entire discussion has been incredibly valuable! As someone who's 69 and turning 70 in August, I've been losing sleep over the backdating rules and timing. Reading through everyone's experiences and explanations has really put my mind at ease. What I'm taking away is that the backdating confusion mostly comes from people who wait too long after turning 70 to apply. Since I plan to apply right in August when I turn 70, I should just select August as my start month and not worry about backdating at all. One small thing I wanted to add - for anyone else in a similar boat, I called the SSA general number last week just to confirm my earnings record was accurate, and they mentioned that you can also check your benefit estimate online through your my Social Security account. It's helpful to know exactly what to expect before you apply, especially since we're all maxed out on delayed retirement credits at 70. Thanks to everyone who shared their experiences and knowledge here. This thread should definitely be pinned or saved as a reference for others approaching 70!

This thread has been absolutely fantastic! I'm 67 and have been dreading dealing with Social Security applications, but reading through everyone's experiences here has made me feel so much more confident about the process. What really stands out to me is how the "backdating confusion" seems to be mostly a non-issue if you just apply right when you turn 70. It sounds like the SSA makes it seem more complicated than it needs to be, but the reality is pretty straightforward: apply at 70, select that month as your start date, done. I also appreciate all the practical tips people shared - applying online, having documents ready beforehand, setting up direct deposit, and applying early in the month for processing time. These are the kinds of real-world details you don't get from official guidance. One thing I'm curious about - has anyone here had experience with applying if you're still working at 70? I'm planning to keep working part-time after I turn 70, and I want to make sure that doesn't complicate the application process or affect my benefits since I'll be past full retirement age.