When to Apply for Social Security Benefits
Social Security retirement benefits can be collected as early 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 benefits before you reach full retirement age, your benefit will be reduced by up to 25%. Alternatively, if you postpone collecting benefits after you reach full retirement age, your benefit will increase by 8% each year until you reach age 70. After age 70 you can no longer earn credits so there is no benefit to delaying benefits after age 70.
According to the Social Security Administration, approximately 73% of current beneficiaries submit their Social Security application before reaching retirement age and are therefore receiving reduced benefits; however this may not be the best strategy. Your health, life expectancy, marital status and other resources all play a role in when you should start collecting benefits. Because Social Security plays such an important role in your retirement income (at least for most people), it is recommended that you consult a financial professional who is knowledgeable in Social Security to help you determine the best time to start receiving retirement benefits.
How to Apply for Social Security Benefits
Once
you’ve decided when to start your Social Security benefits, how do you submit your application? There are three ways to apply for Social Security:
1. You can go online to SocialSecurity.gov and submit your Social Security application right on the website. However, at this time you can only apply for retirement benefits online (you must call or visit an office in person to apply for survivor benefits).
2. Call 800-772-1213 to apply for benefits by telephone.
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.
Social Security Disability – Do you qualify? Find out now.
You will need the following information when you submit your Social Security application:
- Social Security number
- Name at birth, date and place of birth
- Citizenship status
- Active duty service dates
- Marital status, spouse’s name, date of birth and SSN
- Name, date of birth and SSN of any former spouses
- Names of any unmarried children under age 18
- The name and address of each company you worked for in the last two years, including estimated earnings
- If you are within 3 months of turning 65, you’ll also need to let Social Security know if you are enrolling in Medicare or not.
Additional information may be required if you are self employed or if you worked in a government job that will provide a pension benefit.
Submit Your Social Security Application Three Months in Advance
You should apply for Social Security retirement benefits three months before the date you want to start receiving benefits. Payments are sent the month after the month they are due. For example, if you apply for retirement benefits and request that they start in October of 2010, you will receive your first payment in November 2010.
For more information on how to submit your Social Security application, please visit Social Security Online: How to Apply for Social Security Benefits.
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{ 6 comments… read them below or add one }
I will turn 66 on Feb.2.2012. When can I apply and receive full benefits, even though I am still employed?
George – thank you for your question. People who were born between 1943-1954 reach full retirement age for purposes of Social Security at age 66. You will start receiving your full retirement benefits at age 66, even if you are still working. Note that if you applied for benefits before you reach age 66 your benefits would be reduced for every month before your 66th birthday and your benefits could be reduced depending on how much you earn from your job. For more information about this, please read how work affects your Social Security benefits.
I am turning 62 in October of this year. I have worked for the federal government since 1997 and have not paid social security since then. Can I apply for social security now if I am still employed by the federal government?
Gerald – thank you for your comment. It looks like there are really two issues here: how working for the government (and not contributing to Social Security during that time in your career) will impact your Social Security benefits, and if you can collect benefits at age 62 if you are still working.
First, if you work for an employer who does not withhold Social Security taxes – usually a government agency where there is another retirement plan in place – the pension benefits you receive from that employer may reduce your Social Security benefits. This is called the Windfall Elimination Provision, and it is basically a formula used to calculate the (reduced) benefits you will receive when you have a pension benefit from a job where you did not withhold Social Security taxes and you also qualify for Social Security retirement benefits based on other employment. To learn more about how the Windfall Elimination Provision formula works, please visit http://www.socialsecurity.gov/pubs/10045.html
The other issue is whether you can apply for benefits at age 62 if you are still working. While you can collect benefits before your full retirement age, they will be reduced for every month you collect benefits early. In addition, you are limited in how much you can earn (from a job or self employment income) while you are collecting Social Security for as long as you are under the full retirement age. In 2011, you can earn up to $14,160; for every $2 earned above this amount your Social Security benefits will be reduced by $1.
I would like to apply for SS. I have lived and worked in Korea for the past 12 years. I do meet the requirements. I am 63. I have my latest SS Benefits statement. Any SS.gov websites are blocked here in Korea. I know I should go through the Phillipines. How do I get a simple SS Application?
How can I find the SSN or DOB of my ex-spouses. I have no idea. They were short marriages in the 1970s.
Help me please.
If you can not visit the Social Security website, your other option is to call 1-800-772-1213 to get an application. Regarding the short marriages, if they were less than 10 years then you will not qualify for divorced spouse benefits.
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