As you get closer to retirement one of your top questions is probably 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 plus points? We'll address these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Benefits
Social Security retirement benefits can 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 get to full retirement age, your benefit will be reduced by up to 25%. Alternatively, if you postpone collecting benefits after you reach full retirement age, your advantages will raise by 8% every year until you reach age 70. After age 70 you might no longer receive credits so there is no benefit to delaying benefits after age 70.
According to the Social Security Administration, approximately 73% of current Social Security receivers are getting decreased advantages (as they elected to receive them before their full retirement age); however this may 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 an important role in your retirement income (at least for most people), it is recommended that you contact a financial specialize who have experience in Social Security to assist you determine the best time to start receiving retirement benefits.
How to Apply for Social Security Benefits
Once you've decided when to start your benefits, how do you submit your Social Security retirement application? There are three procedures 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 only apply for retirement benefits online (you must call or visit an office in person 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 have to talk to an employee face to face. To find the closest 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, date of birth and SSN
- Name, date of birth and SSN of any former 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 earnings
- If you are within 3 months of turning 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 that will provide 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 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 request that they start in October of 2010, you will receive your first payment in November 2010.
Social Security Spousal Benefits: Another Key To Your Social Security Decision
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
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