Some Helpful Information Which Will Assist You To Understand When And How 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 is the procedure for applying for Social Security once you've decided to start collecting retirement advantages? We'll discuss about these questions and more in the following paragraphs.
When to Apply for Social Security Retirement Plus Points
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 starting to retire, the full retirement age is 66. If you get benefits before you attain full retirement age, your advantages will be reduced by up to 25%. On the other hand, if you postpone collecting advantages after you attain full retirement age, your benefit will raise by 8% each year until you reach age 70. After age 70 you could no longer get credits so there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, almost 73% of current Social Security beneficiaries are getting reduced advantages (since they elected to receive them prior to their full retirement age); however this may not be the good strategy. Your health, life expectancy, marital status and other sources all play a role in when you should begin collecting advantages. Because Social Security plays such a crucial role in your retirement income (at least for most individual), it is suggested that you consult a financial expert who is knowledgeable in Social Security to aid 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 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 benefits by telephone.
3. Or you can go to an office in person if you wish to discuss with an employee face to face. To locate the closest office, visit the site at Social Security.gov.
You will need the following information 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 unmarried children 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 need to let Social Security know if you are enrolling in 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 should apply for Social Security retirement benefits three months before the date you wish 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.
Social Security Benefits: A Few Important Details On COLA 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.
Social Security Survivor Benefits - What Occurs To Your Social Security Benefits When One Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Gold Coin Prices Guide May Provide Valuable Information To Invest At Best Time
Coin collecting, there are tools that you'll need to acquire to make your numismatic experience both fun and rewarding. The most valuable tool that you can get your hands on is an up-to-date gold coin price guide. Inside you will find great information to help you enjoy your new hobby
Is 2012 A Year When Social Security Benefits Will Rise
The millions of people who depend on Social Security to get by will be thrilled to know that it will be increasing in 2012. This is the first time in years that Social Security benefits have been increased.
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When to Apply for Social Security Retirement Plus Points
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 starting to retire, the full retirement age is 66. If you get benefits before you attain full retirement age, your advantages will be reduced by up to 25%. On the other hand, if you postpone collecting advantages after you attain full retirement age, your benefit will raise by 8% each year until you reach age 70. After age 70 you could no longer get credits so there is no advantages to delaying benefits after age 70.
According to the Social Security Administration, almost 73% of current Social Security beneficiaries are getting reduced advantages (since they elected to receive them prior to their full retirement age); however this may not be the good strategy. Your health, life expectancy, marital status and other sources all play a role in when you should begin collecting advantages. Because Social Security plays such a crucial role in your retirement income (at least for most individual), it is suggested that you consult a financial expert who is knowledgeable in Social Security to aid 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 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 benefits by telephone.
3. Or you can go to an office in person if you wish to discuss with an employee face to face. To locate the closest office, visit the site at Social Security.gov.
You will need the following information 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 unmarried children 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 need to let Social Security know if you are enrolling in 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 should apply for Social Security retirement benefits three months before the date you wish 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.
Social Security Benefits: A Few Important Details On COLA 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.
Social Security Survivor Benefits - What Occurs To Your Social Security Benefits When One Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Gold Coin Prices Guide May Provide Valuable Information To Invest At Best Time
Coin collecting, there are tools that you'll need to acquire to make your numismatic experience both fun and rewarding. The most valuable tool that you can get your hands on is an up-to-date gold coin price guide. Inside you will find great information to help you enjoy your new hobby
Is 2012 A Year When Social Security Benefits Will Rise
The millions of people who depend on Social Security to get by will be thrilled to know that it will be increasing in 2012. This is the first time in years that Social Security benefits have been increased.
Discover credit card offers