Some Useful Information Which Will Help You To Know When And The Procedure To Submit Your Social Security Application
As you get closer to retirement 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 is the procedure for applying for Social Security once you've decided to start collecting retirement benefits? We'll discuss about these questions 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 depends on your birthday, but for boomers now beginning to retire, the full retirement age is 66. If you get benefits before you reach full retirement age, your advantages will be reduced by up to 25%. On the other hand, if you postpone collecting advantages after you reach full retirement age, your advantages will raise by 8% each year until you reach age 70. After age 70 you can no longer get credits so there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, roughly 73% of current Social Security receivers are getting reduced benefits (since they elected to receive them prior to their full retirement age); however this may not be the good strategy. Your health, life expectation, marital status and other sources all play a role in when you should start collecting advantages. Because Social Security plays such a vital role in your retirement income (at least for most individual), it is recommended that you contact a financial expert who is knowledgeable in Social Security to help you decide the best time to start receiving retirement advantages.
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 methods 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 must call or go to an office in person to apply for survivor advantages).
2. Call 800-772-1213 to apply for benefits by phone.
3. Or you can go to an office in person if you want to discuss with an employee face to face. To get the closest office, visit the site at Social Security.gov.
You will need the following details 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, spouse's name, birth-date and SSN
- Name, date of birth and SSN of any former partners
- Names of any unmarried kid below 18 years
- The name and address of each company you worked for in the previous two years, including estimated income
- If you are within 3 months of turning 65, you'll even need to let Social Security know if you are joining Medicare or not.
Further information may be needed if you are self employed or if you worked in a government job which 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 receiving benefits. Payments are sent the month after the month they are due. For instance, if you apply for retirement benefits and request that they begin in October of 2010, you will receive your first payment in November 2010.
How You Will Get The Ideal Financial Planner To Reach Your Financial Goal
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.
Get Ready For Retirement-Start Saving Now
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Social Security Spousal Benefit: What Benefits Is Your Wife Or Husband Entitled To?
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:
New Policies Mean A Lot More Individuals Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.
Retirement Savings Become Much More Crucial As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
How You Can Restore Your Own Credit Check Score In 5 Straightforward Methods
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 Rules: Can A Full-Time Homemaker 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.
About Social Security Impairment: What You Need To Be Aware Of Ahead Of Filing For Disability Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.
Learn How You Can Apply For Social Security
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.
Tips To Apply 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.
Related Posts
Partner Sites
|
