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Some Valuable Information That Will Help You To Understand When And The Procedure To Submit Your Social Security Application
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 begin collecting retirement advantages? We'll address these quires and more in the following paragraphs.When to Apply for Social Security Retirement Advantages
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 advantages before you attain full retirement age, your benefit will be lessen by up to 25%. On the other hand, if you postpone collecting advantages after you attain full retirement age, your benefit will increase by 8% every year until you reach age 70. After age 70 you could no longer receive credits thus 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 decreased benefits (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 must start collecting benefits. As Social Security plays such a vital role in your retirement income (at least for most individual), it is suggested that you consult a financial professional who have experience in Social Security to aid you determine 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 advantages right on the website. However, at this time you can only 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 personally if you wish to talk to an employee in person. To get 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 where you were born
- Citizenship status
- Active duty service dates
- Marital 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 every company you worked for in the last 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 details may be required 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 getting benefits. Payments are sent the month after the month they are due. 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.
Social Security Spousal Benefit: What Benefits Is Your Spouse Eligible For?
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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