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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 probably 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 discuss about these quires 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 depends 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 advantages will be decreased by up to 25%. Alternatively, if you delay collecting advantages after you reach 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 hence there is no benefit to delaying advantages after age 70.
According to the Social Security Administration, roughly 73% of current Social Security beneficiaries are getting decreased advantages (as they elected to get them before their full retirement age); however this might not be the good strategy. Your health, life expectancy, marital status and other sources all play a role in when you must begin collecting advantages. Since Social Security plays such an important role in your retirement income (at least for many individual), it is recommended that you consult a financial specialize who have experience in Social Security to assist you decide the good time to start receiving retirement benefits.
How to Apply for Social Security Benefits
Once you've determined when to begin your benefits, how do you submit your Social Security retirement application? There are three ways to apply for Social Security:
1. You might go online to Social Security.gov and apply for advantages right on the site. However, at this time you can merely apply for retirement benefits online (you should call or visit an office personally to apply for survivor advantages).
2. Call 800-772-1213 to apply for benefits by telephone.
3. Or you can go to an office personally if you have to discuss with an employee in person. To find the nearest office, visit the site at Social Security.gov.
You will need 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
- Married status, partner's name, date of birth and SSN
- Name, date of birth and SSN of any previous partners
- Names of any unmarried children below 18 years
- The name and address of every organization you worked for in the previous two years, integrating estimated earnings
- If you are within 3 months of attaining 65, you'll even need to let Social Security know if you are enrolling in Medicare or not.
Further details might be needed if you are self employed or if you worked in a government work that will give an annuity benefit.
Submit Your Social Security Application Three Months in Advance
You should apply for Social Security retirement benefits three months before the date you desire to start getting benefits. Payments are sent the month after the month they are owing. For illustration, if you apply for retirement benefits and demand that they start in October of 2010, you will get your first payment in November 2010.
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