HomeFactsWhen Do I Apply...

When Do I Apply For Social Security Retirement Benefits

Information Needed To Apply

ð´Can I Apply For Social Security Retirement Benefits In Advance of Age 62

The application process should not take long, but youâll need to have certain information on hand to make sure it goes smoothly, including the following when applicable:

  • Date and place of birth
  • Names and birthdays of children who are disabled, unmarried, and/or 18 or younger, or 18 or 19 and attending school full-time
  • U.S. military service information if applicable
  • Employer or self-employment details for the current year and prior two years
  • Bank direct-deposit information

The form will also ask about additional income and whether you have previously applied for SSI, other Social Security benefits, or Medicare.

If youâre married, your spouse may qualify for spousal benefits from Social Security as well. Youâll also need your spouseâs Social Security number, birth date, and other pertinent information when you apply. If your spouse signs up for Social Security benefits, he or she will have to provide the same information about you, too. If you are divorced, you may have to include your ex-spouseâs information.

Also Check: Ssa.gov/benefits/medicare Extra Help

Get Personalized Retirement Benefit Estimates

Choosing when to retire is an important and personal decision. The best way to start planning for your future is by creating a mySocial Security account. With your personal mySocial Security account, you can verify your earnings, and use our Retirement Calculator to get an estimate of your retirement benefits.

E Should I Delay Retirement

Delaying Retirement you may decide to continue working beyond your full retirement age without choosing to receive benefits. If so, your benefit will be increased by a certain percentage for each month you dont receive benefits between your full retirement age and age 70. This table shows the rate your benefits will increase if you delay retiring:

Year of Birth

You May Like: Medicare Eligibility And Benefits For Providers

Fact #: Social Security Provides A Foundation Of Retirement Protection For Nearly All People In The Us

97% of older adults either receive Social Security or will receive it.

Almost all workers participate in Social Security by making payroll tax contributions, and almost all older adults receive Social Security benefits. In fact, 97 percent of older adults either receive Social Security or will receive it, according to Social Security Administration estimates.

The near universality of Social Security brings many important advantages. It provides a foundation of retirement protection for people at all earnings levels. It encourages private pensions and personal saving because it isnt means-tested it doesnt reduce or deny benefits to people whose income or assets exceed a certain level. Social Security provides a higher annual payout than private retirement annuities per dollar contributed because its risk pool is not limited to those who expect to live a long time, no funds leak out in lump-sum payments or bequests, and its administrative costs are much lower.

Universal participation and the absence of means-testing make Social Security very efficient to administer. Administrative costs amount to only 0.6 percent of annual benefits, far below the percentages for private retirement annuities. Means-testing Social Security would impose significant reporting and processing burdens on both recipients and administrators, undercutting many of those advantages while yielding little savings.

A Guide On Taking Social Security

Apply for Benefits, Social Security

Deciding when to take Social Security depends heavily on your circumstances. You can start taking it as early as age 62 , or you can wait until you’ve reached full retirement age or age 70 based on your work history. While there’s no “correct” claiming age for everybody, the rule of thumb is that if you can afford to wait, delaying Social Security can pay off over a long retirement. Here are some guidelines to consider.

Recommended Reading: Tax Benefits Of 529 Plan In Illinois

Report The Death Of A Social Security Or Medicare Beneficiary

You must report the death of a family member receiving Social Security or Medicare benefits. The Social Security Administration processes death reports for both. Find out how you can report a death and how to cancel benefit payments. In addition to canceling SSA and Medicare benefits, find out what other benefits and accounts you should cancel.

Policy Basics: Top Ten Facts About Social Security

Social Security provides a foundation of income on which workers can build to plan for their retirement. It also provides valuable social insurance protection to workers who become disabled and to families whose breadwinner dies.

Eighty-six years after President Franklin Roosevelt signed the Social Security Act on August 14, 1935, Social Security remains one of the nations most successful, effective, and popular programs.

Read Also: Quest Diagnostics Employee Benefits 2021

How To Find Out Youre Approved

The Social Security Administration will notify you of your approval status via a mailed decision letter. If you would like the most up-to-date information possible, you should sign up for a my Social Security account online at www.ssa.gov. Sign into your account, scroll down to the Your Benefit Application section and click on View Details to see your application status. You can also call the Social Security Administration directly at 800-772-1213.

More From GOBankingRates

Qualifying For Social Security Disability

When You Should Apply for Social Security to Maximize Your Benefits!

In order to be eligible for Social Security Disability, individuals must fit several qualification criteria put forth by the SSA.

First, any potential claimant must be able to prove to the SSA that he or she is permanently disabled, or suffering from a condition that has lasted, or is expected to last, more than 12 calendar months. Because of this time guideline, it is important that claimants keep their medical records and other paperwork organized and up to date to prevent any confusion or question about the extent of a disability.

In addition, the SSA will attempt to make a judgment as to whether or not a claimants disabling condition prevents the individual from achieving any type of substantial gainful activity. The condition must not only prevent the claimant from performing the duties of his or her previous employment, but also make it impossible to find a new line of work due to age, education, or impairment.

Recommended Reading: National Registry Of Unclaimed Retirement Benefits Legit

Getting A Social Security Number For A New Baby

The easiest way to get a Social Security number for your child is at the hospital after they are born when you apply for your childs birth certificate. If you wait to apply for a number at a Social Security office, there may be delays while SSA verifies your childs birth certificate.

Your child will need their own Social Security number so you can:

  • Claim your child as a dependent on your income tax return
  • Open a bank account in their name
  • Get medical coverage for them
  • Apply for government services for them

F How And When Do I Apply For Social Security Retirement Benefits

When applying for Social Security Retirement Benefits and Medicare, its best to contact Social Security three months before the month in which you want to receive benefits to discuss the options that are available to you. In some cases, your choice of retirement month could mean additional benefits for you and your family.

Even if you dont plan to receive benefits because youll continue working, or if you have filed for disability, you should sign up for Medicare three months before reaching age 65 regardless of when you reach full retirement age. Otherwise, your Medicare medical insurance could be delayed and you could be charged a higher premium.

You May Like: Spousal Social Security Benefits For Green Card Holders

When Should You Start Collecting Social Security Benefits

To determine when you should start taking your benefits, its important to understand how much your check is affected by when you claim your benefit. As mentioned before, you can claim your benefit as early as age 62 but reaching full retirement age can secure your full benefit.

So when exactly is the full retirement age for Social Security? That depends on when you were born.

Year of birth
65 + 2 months for each year past 1937
1943-1954
66 + 2 months for each year past 1954
1960 and later 67

While the full retirement age used to be 65, changes to the program have increased that age. For example, those born in 1955 now have to wait an extra two months beyond age 66 to claim their full benefit. Someone born in 1959, for example, would have to wait until age 66 and 10 months to get the full benefit. Anyone born in 1960 or later, receives their full benefit at 67.

But some retirees choose to wait even longer. You may wait until as late as age 70 to claim your benefit, but then you must take it. Youll receive a bigger check for doing so.

So, what is the upside to delaying your Social Security benefit after age 62? Your check wont get hit by a serious benefit reduction. Heres how much a $1,000 monthly check will become if you claim your benefit as soon as youre eligible at age 62.

Year of birth If you file at 62, benefit reduced by: A $1,000 check becomes
$700

Get Ssa Benefits While Living Abroad

Social Security Restricted Application

U.S. citizens can travel to or live in most, but not all, foreign countries and still receive their Social Security benefits. You can find out if you can receive benefits overseas by using the Social Security Administrations payment verification tool. Once you access the tool, pick the country you’re visiting or living in from the drop-down menu options.

You May Like: How Much Do Health Benefits Cost Per Employee

D You Can Stop Working And Not Begin Receiving Your Retirement Benefits

We calculate your benefits based on your highest 35 years of earnings. If you stop working before you have 35 years of earnings, or you have low earnings for some years, this will affect your benefit calculation. However, if you wait to start benefits after you reach full retirement age, your benefits will increase for each month you do not receive them until you reach age 70. There is no incentive to delay filing for your benefits after age 70.

If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Original Medicare three months before you turn 65. If you dont sign up for Medicare Part B when youre first eligible at age 65, you may have to pay a late enrollment penalty for as long as you have Medicare coverage.

Also Check: 401k Rollover Options After Retirement

How Your Social Security Benefits Are Earned

To be eligible for Social Security benefits in retirement, you must earn at least 40 credits throughout your career. You can earn as many as four credits each year, so it takes 10 years of work to qualify for Social Security.

In 2021, you must earn $1,470 to get one Social Security work credit and $5,880 to get the maximum four credits for the year.

Also Check: Apply For Social Security Survivor Benefits

How Do I Qualify For Social Security

To qualify for Social Security retirement benefits, in most cases:

  • You must be 62+ years old, or disabled/unable to work, and
  • You must have sufficient credits earned throughout your working life.3

To qualify for Social Security spousal retirement benefits:

  • You must be married to a retired worker , and
  • You must have a child under age 16 or a disabled child in your care, or
  • You are 62+ years old.2

To qualify for Social Security disability benefits if you are under the age of 62:

  • You must be 18+ years old and unable to work due to physical or mental disability, and
  • Your condition is expected to last at least a year or may result in death.3

You still can qualify for Social Security disability benefits without earning the required 40 credits, depending on the circumstances. Your lifetime earnings and benefits help determine your monthly disability benefit amount.

To qualify for Social Security survivors benefits:

  • You must be a widow or widower who is 60+ years old , or
  • You must be a widow or widower caring for the deceaseds child who is under the age of 16 or disabled, or
  • You must be a surviving divorced spouse , or
  • A dependent parent who is 62+ years old, or
  • You must be an unmarried child of the deceased and are:Under 18 years old , or
  • 18+ years old with a disability that occurred before you turned 22.3

Do You Expect To Have Additional Sources Of Retirement Income Beyond Social Security

Best Time to Apply for Social Security | Social Security Retirement Benefits Explained

Continue saving in the coming years.

Social Security won’t replace all of your pre-retirement income. On average, Social Security replaces 40 percent of a worker’s income. That means your retirement savings, pension, 401, or Individual Retirement Account will need to fill the gap. Claiming at your full Social Security benefit age or later can minimize this gap and maximize your monthly benefit. If you claim before your full retirement age, your monthly benefit could be reduced by as much as 30 percent.Learn more about saving for retirement.

You have an opportunity to continue growing your money.

If you can, get the highest monthly Social Security benefit possible by claiming at your full Social Security benefit age or later. If you claim before your full retirement age, your monthly benefit could be permanently reduced by as much as 30 percent. Also, take advantage of catch-up contributions to your 401 or Individual Retirement Account . Lastly, avoid losing your retirement savings to unnecessary tax penalties. If you withdraw your 401 or IRA savings before age 59½, you will likely face an early withdrawal penalty.Learn more about how retirement savings grow.

It’s a perfect time to start saving.

It’s never too late to start saving!

There are many ways to plan for a secure retirement outside of Social Security.

It’s never too late to start saving!

A type of retirement savings account offered by employers to help their employees save for retirement.

Also Check: When To Apply For Social Security Benefits At Age 62

How Do Benefits Work And How Can I Qualify

While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to:

  • Those who are currently retired

  • People with disabilities

  • The surviving spouses and children of workers who have died

Each year you work, youll get credits to help you become eligible for benefits when its time for you to retire. Find all the benefits the Social Security Administration offers.

There are four main types of benefits that the SSA offers:

  • Learn about earning limits if you plan to work while receiving Social Security benefits

Does Applying Online Get Me Approved Faster

Yes and no. Technically, when you apply for Social Security Disability benefits online, you have to go through the same application process as everyone else. However, applying online does give you a jumpstart because you do not have to wait for the initial appointment that would otherwise be needed to fill out your Social Security Disability application paperwork.

Also Check: Are Social Security Benefits Taxable After Full Retirement Age

You May Like: What Is The Benefit Period For Medicare

Will Your Expenses Decrease After You Retire

Retirement could be more expensive than you expect.

If you’re planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent.Create a retirement budget.

Retirement could be more expensive than you expect.

If you’re planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent.Create a retirement budget.

Maintain your lifestyle by planning ahead.

Maintain your lifestyle by planning ahead.

Many people find retirement is more expensive than expected.

Many people find retirement is more expensive than expected.

Can I Qualify For Social Security Benefits Based On My Spouses Income

Should You Delay Applying For Social Security Past Age 70?

Short answer: in some cases.

Retirement benefits are based on your own earnings record. However, spousal and survivors Social Security benefits are based on your spouses earnings, whether the spouse is deceased or divorced from you.

Keep in mind that you can qualify for spousal or survivors Social Security benefits as well as your own retirement benefit but, Social Security wont let you add these amounts together. Instead, you will receive whichever benefit is larger.

Don’t Miss: Payroll Tax On Fringe Benefits

Strategy: Why Filing Early For Retirement Benefits Could Be Best

Unfortunately, you dont get much of a say so as to when you file for survivors benefits or disability benefits. But you DO get to decide when to apply for your retirement benefits. For a household with children, the decision when to begin receiving Social Security retirement benefits is just more complicated. The penalty for not understanding the rules and the resulting difference in lifetime benefits can be enormous.

In many cases, there are many reasons to delay filing for Social Security benefits. But not all cases are the same! If you have kids at home, and are thinking about filing for Social Security, filing early could make more sense. Why? Your children cannot collect a Social Security benefit until you file.

Consider the difference in lifetime benefit amounts for a couple with the following circumstances.

Roger is 62 and his wife is 46. They have two kids at home, ages 8 & 10. Roger is financially well off enough to stop working and can be flexible on what age he begins to collect Social Security.

If Roger waits until his full retirement age, hell get $2,000 per month. If he files now, hell only get $1,500 per month. He ran the numbers and figured out that if he lived to 90, hed receive an additional $70,000 in benefits for delaying filing until 66 instead of filing at 62.

Heres how

Donât Miss: Spousal Benefits Social Security Disability

Most Popular

More from Author

Read Now

Social Security Benefits Sign Up

Next Steps For Apply For Ssdi Or Ssi Benefits How To Sign Up For My Social Security Account Online Evidence required by DDS for case documentation ...

How To Sign Up For Medicare Benefits

Quality Of Beneficiary Services How To Apply For Medicare Online - Step By Step A 2001 study by the Government Accountability Office evaluated the quality of responses given by...

When Does Social Security Recalculate Benefits

How Much Can I Earn And Still Get Benefits Will Your Social Security Benefit Be Recalculated? When you begin receiving Social Security retirement benefits, you are considered retired for...

Senior Flex Card Medicare Benefit Passed

What Is The Medicare Flex Cards Function What Is The Flex Card For Seniors? Medicare recipients may mistakenly believe that they will be able to move up to $2,880...

Social Security And Disability Benefits

Benefits For Your Children The ideal candidate for Social Security Disability Benefits When you qualify for Social Security disability benefits, your children may also qualify to receive benefits on...

Federal Government Employee Retirement Benefits

Why Deferred Retirement Is Important Federal Employees Retirement System (FERS) Overview - 2020 OPM Virtual Benefits Training Event Why is this such a big deal? Well, for starters, you...

File Taxes On Ssi Benefits

Is My Social Security Income Taxable The Quick Answer How to pay less in taxes on your Social Security benefits According to the IRS, the quick way to see...

Is Social Security Benefits Going Up

Offer From The Motley Fool ARE SOCIAL SECURITY BENEFITS GOING UP $200 THIS MONTH? The $18,984 Social Security bonus most retirees completely overlook: If you're like most Americans, you're...

Tax Benefits Living In Puerto Rico

Puerto Rico Company Taxation Wealthy investors moving to Puerto Rico for tax benefits The profit of an Act 60 company is taxed at 4%, and profit taken out as...

New Jersey 529 Tax Benefit

New Law Takes Effect To Make College More Affordable In New Jersey New Tax Law Update: 529 Plan Expansion Last year, the Legislature unanimously approved the College Affordability Act....

How To Calculate My Social Security Benefits When I Retire

Are Social Security Benefits Taxable How Social Security Retirement Benefits Are Calculated If you have a lot of income from other sources, up to 85% of your Social...

Bj’s Wholesale Club Employee Benefits

Does Bj's Hire Felons BJ's Wholesale Club Self-Checkout It is unclear if BJ's hires felons. From our research, we have found mixed reports as to whether or not BJ's...