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| Submitting Your Social Security Application: When And How |
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As you get closer to retirement one of your top questions is possibly when and how to submit your Social Security application. Can 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 quires and more in the following paragraphs. When to Apply for Social Security Retirement Plus Points 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 beginning to retire, the full retirement age is 66. If you receive advantages before you reach full retirement age, your advantages will be decreased by up to 25%. On the other hand, if you postpone collecting benefits after you attain full retirement age, your advantages will increase by 8% every year until you reach age 70. After age 70 you can no longer get credits hence there is no advantages to delaying benefits after age 70. According to the Social Security Administration, approximately 73% of current Social Security receivers are receiving decreased benefits (since they elected to get them prior to their full retirement age); however this may not be the best strategy. Your health, life expectation, marital status and other resources all play a role in when you must start collecting advantages. Since Social Security plays such a crucial role in your retirement income (at least for most people), it is suggested that you contact a financial professional who have experience in Social Security to help you decide the good time to start receiving retirement advantages. How to Apply for Social Security Benefits Once you've decided when to start your benefits, how do you submit your Social Security retirement application? There are three procedures to apply for Social Security: 1. You can 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 should call or go to an office in person to apply for survivor benefits). 2. Call 800-772-1213 to apply for benefits by phone. 3. Or you can visit an office personally if you want to discuss with an employee in person. To locate the closest office, visit the website at Social Security.gov. You will need the following details 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, partner's name, birth-date and SSN - Name, date of birth and SSN of any former spouses - Names of any unmarried kid under age 18 - The name and address of every company you worked for in the previous two years, integrating estimated income - If you are within 3 months of turning 65, you'll also need to let Social Security know if you are joining Medicare or not. Additional details may be needed if you are self employed or if you worked in a government work which will provide a pension benefit. Submit Your Social Security Application Three Months in Advance You should apply for Social Security retirement benefits three months prior to the date you want to start getting benefits. Payments are sent the month after the month they are due. For instance, if you apply for retirement benefits and demand that they begin in October of 2010, you will receive your first payment in November 2010. Social Security Income: Guidelines To Help You Make The Most Of Your Social Security Income As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as: Social Security Benefits: A Helpful Discussion On Terms & Conditions To Get The Benefit And Methods To Collect After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? Completely New Guidelines Suggest A Lot More People Doing Roth IRA Conversions In 2010 As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them. Social Security Benefits: Several Significant Facts On Cost Of Living Adjustment 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. Retirement Savings Become Much More Significant As Pensions Become Extinct And Social Security Changes. Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place. Some Vital Points Which You Should Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits About Social Security Disability: What You Must Be Aware Of Ahead Of Filing For Disability Benefits Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements. Some Of The Key Exceptional Roth IRA Withdrawal Rules Which May Aid You To Take Money Out Of Roth IRA Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply. |
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