Some Helpful Information Which Will Help You To Comprehend When And The Procedure To Submit Your Social Security Application

Some Helpful Information Which Will Help You To Comprehend When And The Procedure To Submit Your Social Security Application

As you get closer to retirement one of your main questions is most likely 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 plus points? 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 hinges on your birthday, but for boomers now beginning to retire, the full retirement age is 66. If you get benefits before you get to full retirement age, your advantages will be lessen by up to 25%. On the other hand, if you postpone collecting advantages after you get to full retirement age, your advantages will raise by 8% each year until you reach age 70. After age 70 you might no longer get credits thus there is no advantages to delaying benefits after age 70.

According to the Social Security Administration, almost 73% of present Social Security receivers are getting reduced advantages (since they elected to receive them prior to their full retirement age); however this may not be the good plan. Your health, life expectation, marital status and other sources all play a role in when you should begin collecting advantages. As Social Security plays such a vital role in your retirement income (at least for most individual), it is advised that you contact a financial specialize who is knowledgeable in Social Security to assist 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 advantages, how do you submit your Social Security retirement application? There are three procedures to apply for Social Security:

1. You might 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 must call or go to an office in person to apply for survivor advantages).

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

3. Or you can go to an office in person if you have to discuss with an employee face to face. To get the closest office, visit the site at Social Security.gov.

You will require the following details when you submit your Social Security application:

- Social Security digit

- Name at birth, date and place of birth

- Citizenship position

- 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 not married kid below 18 years

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

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

Further information might be needed if you are self employed or if you worked in a government job 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 prior to the date you desire to start receiving benefits. Payments are sent the month after the month they are owing. 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.

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