Submitting Your Social Security Application: When And How
As you get closer to retirement one of your main questions is most likely when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement advantages? We'll discuss about these quires 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 receive benefits before you attain full retirement age, your advantages will be decreased by up to 25%. On the other hand, if you postpone collecting advantages after you get to full retirement age, your benefit will increase by 8% each year until you reach age 70. After age 70 you could no longer receive credits hence there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, almost 73% of present Social Security beneficiaries are receiving reduced advantages (as they elected to get them prior to their full retirement age); however this may not be the good plan. Your health, life expectancy, marital status and other resources all play a role in when you should begin collecting advantages. Since Social Security plays such a crucial role in your retirement income (at least for most individual), it is advised that you consult a financial professional who is knowledgeable in Social Security to aid you decide the good 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 can go online to Social Security.gov and apply for benefits right on the site. However, at this time you can merely apply for retirement benefits online (you should 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 visit an office in person if you wish to discuss with an employee in person. 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 number
- Name at birth, date and place of birth
- Citizenship position
- Active duty service dates
- Married status, partner's name, birth-date and SSN
- Name, date of birth and SSN of any former partners
- Names of any not married children under age 18
- The name and address of each organization you worked for in the previous two years, integrating 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.
Additional information might be needed if you are self employed or if you worked in a government work 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 want to start receiving benefits. Payments are sent the month after the month they are owing. For illustration, if you apply for retirement benefits and demand that they begin in October of 2010, you will receive your first payment in November 2010.
How You Will Proceed With Social Security Survivor Benefits After Your Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Present Condition About Social Security Spouse And Survivor Benefits
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
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