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Submitting Your Social Security Application: When And How
When the period of your retirement is close one of your main questions is possibly when and how to submit your Social Security application. Can you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement advantages? We'll discuss about these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Benefits
Social Security retirement benefits could be collected as soon as age 62 or as late as age 70. Full retirement age hinges on your birthday, but for boomers now beginning to retire, the full retirement age is 66. If you receive benefits before you attain full retirement age, your advantages will be reduced by up to 25%. Alternatively, if you delay collecting advantages after you attain full retirement age, your advantages will increase by 8% each year until you reach age 70. After age 70 you could no longer receive credits so there is no benefit to delaying advantages after age 70.
According to the Social Security Administration, roughly 73% of present Social Security receivers are receiving reduced advantages (as they elected to receive them before their full retirement age); however this might not be the good plan. Your health, life expectation, marital status and other resources all play a role in when you should begin collecting advantages. Because Social Security plays such an important role in your retirement income (at least for many individual), it is suggested that you contact a financial expert who is knowledgeable in Social Security to aid you decide the best time to start receiving retirement benefits.
How to Apply for Social Security Benefits
Once you've determined when to begin your advantages, 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 benefits right on the site. However, at this time you can merely apply for retirement benefits online (you must call or visit an office personally to apply for survivor advantages).
2. Call 800-772-1213 to apply for advantages by phone.
3. Or you can visit an office in person if you wish to discuss with an employee face to face. To find the nearest office, visit the site at Social Security.gov.
You will require the following details when you submit your Social Security application:
- Social Security number
- Name at birth, date and place of birth
- Citizenship position
- Active duty service dates
- Married status, spouse's name, date of birth and SSN
- Name, date of birth and SSN of any previous partners
- Names of any not married kid under age 18
- The name and address of each organization you worked for in the previous two years, including estimated earnings
- If you are within 3 months of attaining 65, you'll even have to let Social Security know if you are joining Medicare or not.
Additional information might be needed if you are self employed or if you worked in a government job that will offer an annuity benefit.
Submit Your Social Security Application Three Months in Advance
You must apply for Social Security retirement benefits three months prior to the date you wish to start receiving benefits. Payments are sent the month after the month they are owing. For illustration, if you apply for retirement benefits and request that they start in October of 2010, you will get your first payment in November 2010.
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