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Submitting Your Social Security Application: When And How
As you get closer to retirement one of your main questions is possibly when and how to submit your Social Security application. Should you apply at age 62 or 66? What is the procedure for applying for Social Security once you've decided to begin collecting retirement plus points? We'll address these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Plus Points
Social Security retirement benefits can be collected as soon as age 62 or as late as age 70. Full retirement age hinges on your birthday, but for boomers now starting to retire, the full retirement age is 66. If you get advantages before you get to full retirement age, your benefit will be reduced by up to 25%. On the other hand, if you postpone collecting advantages after you attain full retirement age, your benefit will raise by 8% every year until you reach age 70. After age 70 you might no longer receive credits so there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, almost 73% of present Social Security beneficiaries are getting decreased advantages (as they elected to receive them prior to their full retirement age); however this may not be the good plan. Your health, life expectancy, 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 most individual), it is suggested that you consult a financial expert who have experience in Social Security to assist you determine the best time to start receiving retirement advantages.
How to Apply for Social Security Benefits
Once you've decided when to begin your advantages, how do you submit your Social Security retirement application? There are three ways 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 in person to apply for survivor advantages).
2. Call 800-772-1213 to apply for advantages by telephone.
3. Or you can go to an office personally if you have to talk to an employee face to face. To locate the closest office, visit the site at Social Security.gov.
You will require the following information 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 former partners
- Names of any not married children 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 turning 65, you'll even have to let Social Security know if you are enrolling in Medicare or not.
Further details might be required if you are self employed or if you worked in a government job which will provide an annuity benefit.
Submit Your Social Security Application Three Months in Advance
You must apply for Social Security retirement benefits three months before the date you wish to start getting benefits. Payments are sent the month after the month they are owing. For illustration, if you apply for retirement benefits and request that they begin in October of 2010, you will receive your first payment in November 2010.
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