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Some Valuable Information Which Will Aid You To Comprehend When And The Procedure To Submit Your Social Security Application
When the period of your retirement is close one of your top questions is most likely 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 start collecting retirement benefits? We'll discuss about these quires and more in the following paragraphs.
When to Apply for Social Security Retirement Advantages
Social Security retirement benefits could be collected as early 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 benefits before you reach full retirement age, your advantages will be decreased by up to 25%. Alternatively, if you delay collecting benefits after you get to full retirement age, your benefit will raise by 8% each year until you reach age 70. After age 70 you can no longer receive credits hence there is no benefit to delaying advantages after age 70.
According to the Social Security Administration, approximately 73% of present Social Security beneficiaries are getting reduced benefits (as they elected to get them before their full retirement age); however this might not be the best plan. Your health, life expectancy, marital status and other sources all play a role in when you should start collecting advantages. Since Social Security plays such a vital role in your retirement income (at least for many people), it is advised that you consult a financial expert who is knowledgeable in Social Security to help you decide the good time to start receiving retirement benefits.
How to Apply for Social Security Benefits
Once you've determined when to start 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 benefits right on the website. However, at this time you can merely apply for retirement benefits online (you should call or visit an office personally to apply for survivor benefits).
2. Call 800-772-1213 to apply for advantages by telephone.
3. Or you can go to an office in person if you want to discuss with an employee in person. To get the nearest office, visit the website 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 of birth
- Citizenship status
- Active duty service dates
- Married status, partner's name, date of birth and SSN
- Name, date of birth and SSN of any previous spouses
- Names of any not married children below 18 years
- The name and address of each company you worked for in the previous two years, integrating estimated earnings
- If you are within 3 months of attaining 65, you'll also have to let Social Security know if you are enrolling in Medicare or not.
Further information may be needed if you are self employed or if you worked in a government work that will give a pension 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 receiving benefits. Payments are sent the month after the month they are due. 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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If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.
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