When the period of your retirement is close one of your top questions is possibly when and how to submit your Social Security application. Can you apply at age 62 or 66? What is the procedure for applying for Social Security once you've decided to begin collecting retirement advantages? We'll address these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Plus Points
Social Security retirement benefits could be collected as early as age 62 or as late as age 70. Full retirement age depends on your birthday, but for boomers now beginning to retire, the full retirement age is 66. If you get advantages before you attain full retirement age, your benefit will be reduced by up to 25%. On the other hand, if you delay collecting benefits after you attain full retirement age, your advantages will raise by 8% every year until you reach age 70. After age 70 you could no longer earn credits so there is no advantages to delaying advantages after age 70.
According to the Social Security Administration, approximately 73% of current Social Security receivers are getting decreased advantages (because they elected to receive them prior to their full retirement age); however this might not be the best strategy. Your health, life expectation, marital status and other sources all play a role in when you must begin collecting benefits. Because Social Security plays such a crucial role in your retirement income (at least for many people), it is suggested that you contact a financial expert who have experience in Social Security to aid you determine the best time to start receiving retirement advantages.
How to Apply for Social Security Benefits
Once you've determined when to start your benefits, how do you submit your Social Security retirement application? There are three methods to apply for Social Security:
1. You could go online to Social Security.gov and apply for advantages right on the site. However, at this time you can only apply for retirement benefits online (you must call or go to an office personally to apply for survivor benefits).
2. Call 800-772-1213 to apply for benefits by phone.
3. Or you can go to an office personally if you wish to talk to an employee face to face. To locate the nearest office, visit the website at Social Security.gov.
You will need the following details when you submit your Social Security application:
- Social Security digit
- Name at birth, date and place where you were born
- Citizenship position
- Active duty service dates
- Marital status, spouse's name, birth-date and SSN
- Name, date of birth and SSN of any previous spouses
- Names of any unmarried kid below 18 years
- The name and address of every organization you worked for in the last two years, including estimated income
- If you are within 3 months of attaining 65, you'll also need to let Social Security know if you are joining Medicare or not.
Further details might be required if you are self employed or if you worked in a government job which will offer a pension benefit.
Submit Your Social Security Application Three Months in Advance
You should apply for Social Security retirement benefits three months prior to the date you wish to start getting benefits. Payments are sent the month after the month they are owing. For example, if you apply for retirement benefits and request that they begin in October of 2010, you will get your first payment in November 2010.
How Are Social Security Benefits Calculated? Several Facts And Factors Having Effect On The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
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