Submitting Your Social Security Application: When And How
When the period of your retirement is close one of your main questions is probably when and how to submit your Social Security application. Can you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to begin 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 could be collected as soon 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 receive advantages before you reach full retirement age, your benefit will be lessen by up to 25%. Alternatively, if you delay collecting advantages after you reach full retirement age, your advantages will increase by 8% every year until you reach age 70. After age 70 you can no longer earn credits thus there is no benefit to delaying advantages after age 70.
According to the Social Security Administration, roughly 73% of current Social Security receivers are receiving decreased benefits (because they elected to get them before their full retirement age); however this might not be the good strategy. Your health, life expectation, marital status and other resources all play a role in when you must start collecting benefits. As Social Security plays such an important role in your retirement income (at least for many individual), it is recommended that you contact a financial expert who have experience 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 determined when to begin your benefits, how do you submit your Social Security retirement application? There are three methods to apply for Social Security:
1. You could 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 visit an office personally to apply for survivor advantages).
2. Call 800-772-1213 to apply for benefits by phone.
3. Or you can visit an office personally if you want to talk to an employee in person. To find the nearest office, visit the site at Social Security.gov.
You will need the following details 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, date of birth and SSN
- Name, date of birth and SSN of any previous partners
- Names of any unmarried kid under age 18
- The name and address of every company you worked for in the last two years, integrating estimated earnings
- If you are within 3 months of attaining 65, you'll even need to let Social Security know if you are joining Medicare or not.
Additional details may be required if you are self employed or if you worked in a government work that will offer an annuity 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 getting 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 get your first payment in November 2010.
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When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
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As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
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When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
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When to Apply for Social Security Retirement Benefits
Social Security retirement benefits could be collected as soon 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 receive advantages before you reach full retirement age, your benefit will be lessen by up to 25%. Alternatively, if you delay collecting advantages after you reach full retirement age, your advantages will increase by 8% every year until you reach age 70. After age 70 you can no longer earn credits thus there is no benefit to delaying advantages after age 70.
According to the Social Security Administration, roughly 73% of current Social Security receivers are receiving decreased benefits (because they elected to get them before their full retirement age); however this might not be the good strategy. Your health, life expectation, marital status and other resources all play a role in when you must start collecting benefits. As Social Security plays such an important role in your retirement income (at least for many individual), it is recommended that you contact a financial expert who have experience 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 determined when to begin your benefits, how do you submit your Social Security retirement application? There are three methods to apply for Social Security:
1. You could 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 visit an office personally to apply for survivor advantages).
2. Call 800-772-1213 to apply for benefits by phone.
3. Or you can visit an office personally if you want to talk to an employee in person. To find the nearest office, visit the site at Social Security.gov.
You will need the following details 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, date of birth and SSN
- Name, date of birth and SSN of any previous partners
- Names of any unmarried kid under age 18
- The name and address of every company you worked for in the last two years, integrating estimated earnings
- If you are within 3 months of attaining 65, you'll even need to let Social Security know if you are joining Medicare or not.
Additional details may be required if you are self employed or if you worked in a government work that will offer an annuity 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 getting 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 get your first payment in November 2010.
A Few Vital Points Which You Should Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
Social Security Retirement Income: Guidelines To Help You Make The Most Of Your Social Security Benefits
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Social Security Benefits: Several Crucial Information On Cost Of Living Adjustment 2011
For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase.
Tips On How To Request For Social Security Benefits
Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits.
Some Key Exceptional Roth IRA Withdrawal Rules That Might Aid You To Take Money Out Of Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
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Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever.
Social Security Eligibility Criteria: Can A Full-Time Housewife Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Wish To Acquire A Social Security Cost Of Living Increase-Read This
A cost-of-living increase is basically a reassessment of the average amount of money that a person needs in order to survive. Cost of living increases are often provided by employers to employees to make sure that people's incomes are substantial enough for them to meet the basic costs of living.
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