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Submitting Your Social Security Application: When And How
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 start collecting retirement benefits? We'll discuss about these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Advantages
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 benefits before you reach full retirement age, your advantages will be reduced by up to 25%. On the other hand, if you postpone collecting benefits after you reach full retirement age, your advantages will raise by 8% each year until you reach age 70. After age 70 you can no longer receive credits so there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, approximately 73% of current Social Security receivers are getting reduced benefits (as they elected to receive them prior to 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 should start collecting advantages. Because Social Security plays such a vital role in your retirement income (at least for most people), it is recommended that you contact a financial expert who is knowledgeable in Social Security to help you decide the best time to start receiving retirement advantages.
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 could go online to Social Security.gov and apply for benefits right on the website. However, at this time you can merely apply for retirement benefits online (you must call or go to 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 in person if you want to discuss with an employee face to face. To get 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 of birth
- Citizenship status
- Active duty service dates
- Married status, spouse's name, birth-date 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 each company you worked for in the previous two years, including estimated income
- 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 information may be needed if you are self employed or if you worked in a government job which 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 wish to start receiving benefits. Payments are sent the month after the month they are due. 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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