Submitting Your Social Security Application: When And How

Submitting Your Social Security Application: When And How

When the period of your retirement is close one of your top 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 start collecting retirement advantages? We'll discuss about these quires and more in the following paragraphs.

When to Apply for Social Security Retirement Benefits

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

According to the Social Security Administration, approximately 73% of current Social Security receivers are receiving reduced advantages (as they elected to get them before their full retirement age); however this might not be the best strategy. Your health, life expectation, marital status and other resources all play a role in when you should begin collecting advantages. Since Social Security plays such an important role in your retirement income (at least for many people), it is recommended that you contact a financial professional who is knowledgeable in Social Security to aid you decide the good time to start receiving retirement benefits.

How to Apply for Social Security Benefits

Once you've determined when to start your benefits, how do you submit your Social Security retirement application? There are three procedures 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 visit an office personally to apply for survivor benefits).

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

3. Or you can visit an office in person if you wish to discuss with an employee in person. To find the nearest office, visit the website 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 of birth

- Citizenship position

- Active duty service dates

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

- Name, date of birth and SSN of any previous spouses

- Names of any unmarried kid under age 18

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

- If you are within 3 months of attaining 65, you'll also need to let Social Security know if you are joining Medicare or not.

Additional information might be needed if you are self employed or if you worked in a government work that will give a pension 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 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 start in October of 2010, you will get your first payment in November 2010.

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