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 main questions is probably when and how to submit your Social Security application. Should 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 discuss about these questions 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 starting to retire, the full retirement age is 66. If you receive advantages before you reach full retirement age, your advantages will be reduced by up to 25%. Alternatively, if you delay collecting advantages after you reach full retirement age, your benefit will increase by 8% every year until you reach age 70. After age 70 you can no longer receive credits so there is no benefit to delaying advantages after age 70.

According to the Social Security Administration, almost 73% of current Social Security beneficiaries are receiving decreased benefits (as they elected to receive them before their full retirement age); however this might not be the good strategy. Your health, life expectancy, marital status and other resources all play a role in when you must start collecting advantages. Because Social Security plays such an important role in your retirement income (at least for many individual), it is recommended that you consult a financial expert who have experience in Social Security to help you decide the best 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 ways 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 merely apply for retirement benefits online (you must call or visit an office personally to apply for survivor advantages).

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

3. Or you can visit an office personally if you want to discuss with an employee face to face. To find the nearest office, visit the site at Social Security.gov.

You will need the following information 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

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

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

- Names of any unmarried children under age 18

- The name and address of every company you worked for in the previous two years, including estimated earnings

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

Additional details may be needed if you are self employed or if you worked in a government job that will give 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 getting benefits. Payments are sent the month after the month they are due. For illustration, if you apply for retirement benefits and request that they start in October of 2010, you will get your first payment in November 2010.

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