Submitting Your Social Security Application: When And How

As you get closer to retirement one of your main questions is possibly 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 benefits? We'll address these quires and more in the following paragraphs.

When to Apply for Social Security Retirement Benefits

Social Security retirement benefits can 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 receive benefits before you reach full retirement age, your benefit will be decreased by up to 25%. Alternatively, if you postpone collecting advantages after you attain full retirement age, your benefit will increase by 8% each year until you reach age 70. After age 70 you can no longer earn credits hence there is no benefit to delaying benefits after age 70.

According to the Social Security Administration, roughly 73% of current Social Security beneficiaries are receiving reduced benefits (because they elected to get them before their full retirement age); however this may not be the good strategy. Your health, life expectancy, marital status and other resources all play a role in when you should start collecting benefits. Since Social Security plays such an important role in your retirement income (at least for most individual), it is suggested that you consult a financial professional who is knowledgeable in Social Security to help you determine the good time to start receiving retirement benefits.

How to Apply for Social Security Benefits

Once you've decided 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 can go online to Social Security.gov and apply for benefits right on the website. However, at this time you can only apply for retirement benefits online (you should call or visit an office in person to apply for survivor advantages).

2. Call 800-772-1213 to apply for benefits by telephone.

3. Or you can visit an office in person if you want to talk to an employee in person. To find the closest office, visit the site at Social Security.gov.

You will need the following information when you submit your Social Security application:

- Social Security number

- Name at birth, date and place of birth

- Citizenship status

- Active duty service dates

- Marital status, partner's name, date of birth and SSN

- Name, date of birth and SSN of any former partners

- Names of any unmarried children under age 18

- The name and address of each company you worked for in the last two years, integrating estimated earnings

- If you are within 3 months of turning 65, you'll even need to let Social Security know if you are enrolling in Medicare or not.

Additional information may be required if you are self employed or if you worked in a government work that will provide 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 want to start receiving benefits. Payments are sent the month after the month they are due. For example, if you apply for retirement benefits and demand that they start in October of 2010, you will receive your first payment in November 2010.

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