How to Apply For Social Security
Written by kristine
You’re getting ready to retire and you’ve made the decision to start collecting your Social Security retirement benefits. What’s the next step? You need to actually apply for your benefits (they aren’t automatic). There are three ways to apply for Social Security:
1. You can apply online at SocialSecurity.gov. However, at this time you can not apply for survivor benefits online.
2. You can call 800-772-1213 to apply for benefits.
3. Or you can visit an office in person if you want to talk to an employee face to face. To find the closest office, visit the website at SocialSecurity.gov.
You will need to provide several pieces of information in order for your application to be processed:
Don’t Underestimate Social Security When Planning For Retirement
Written by kristine
Most people underestimate the impact that Social Security will have on their retirement. They either assume it won’t be there for them, or that it won’t be enough to make a difference.
The truth is that Social Security will be there for you (although I suspect it will be revised several times to help improve the financial outlook of the system), and it could play a big part in your retirement years, depending on how much other income and assets you have available.
Social Security has several unique features that you won’t see in most financial products available today:
Retirees Won’t Receive an Increase In Social Security Benefits Next Year
Written by kristine
Earlier this year, retirees on Social Security saw one of the largest COLA increases they’ve seen in years – since the 1980s to be exact. Unfortunately, the COLA is expected to be zero for the next few years.
If you’ve been receiving Social Security for a while, you know that your benefits are adjusted each year for inflation. This is known as a cost of living adjustment, or COLA.
The COLA is announced in October of each year and is based on the CPI-W (the Consumer Price Index for Urban Wage Earners and Clerical Workers) from the 3rd quarter of the previous year to the 3rd quarter of the current year. Changes announced in October go into effect in January of the next year.
Social Security Eligibility: How to Qualify for Social Security Retirement Benefits
Written by kristine
While millions of Americans rely on Social Security in their retirement years, not everyone qualifies.
Here are some general guidelines regarding Social Security eligibility:
How Long Do You Have To Work To Qualify For Benefits?
To qualify for Social Security retirement benefits, you must work in a Social Security covered job for at least 10 years. More specifically, you must earn 40 credits (you can earn 4 credits per year) to qualify.
A credit is earned when you earn a minimum dollar amount; in 2009 the minimum amount you needed to earn in order to earn a credit is $1,090. You can earn up to four credits per year, so someone who earns at least $4,360 in 2009 will earn four credits.
Getting the Maximum Social Security Benefits
Written by kristine
Now that you understand a little more about how Social Security works, and how important this income stream can be to your retirement, here are some tips to help you get the maximum Social Security benefit you are entitled to:
Maximize Your Social Security Earnings
Your retirement benefit is based on your top 35 years of earnings so it’s important to get as many “high earning” years in as possible. If you’re at the top of your career as far as income goes, working just one year longer in a high paying job could make a big difference in your retirement benefit.
Delay Taking Your Social Security Benefits
Under the current Social Security Act, you are penalized for every month you take your Social Security before you reach your full retirement age, with the maximum penalty being 25%.