Some Helpful Information That Will Help You To Comprehend When And How To Submit Your Social Security Application

When the period of your retirement is close one of your main questions is probably 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 start collecting retirement advantages? We'll address these questions and more in the following paragraphs.

When to Apply for Social Security Retirement Plus Points

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 beginning to retire, the full retirement age is 66. If you receive benefits before you attain full retirement age, your benefit will be reduced by up to 25%. On the other hand, if you delay collecting advantages after you reach full retirement age, your advantages will increase by 8% each year until you reach age 70. After age 70 you could no longer earn credits so there is no advantages to delaying advantages after age 70.

According to the Social Security Administration, almost 73% of current Social Security receivers are receiving reduced benefits (because they elected to receive them prior to their full retirement age); however this might not be the good strategy. Your health, life expectation, marital status and other resources all play a role in when you should start collecting benefits. Because Social Security plays such a crucial role in your retirement income (at least for many individual), it is recommended that you contact a financial professional who is knowledgeable in Social Security to aid you determine the best time to start receiving retirement advantages.

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 procedures to apply for Social Security:

1. You can go online to Social Security.gov and apply for benefits right on the website. However, at this time you can only apply for retirement benefits online (you must call or go to an office personally to apply for survivor advantages).

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

3. Or you can visit an office in person if you wish to talk to an employee face to face. To locate the nearest office, visit the site 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 of birth

- Citizenship status

- Active duty service dates

- Marital status, spouse's name, birth-date and SSN

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

- Names of any unmarried kid under age 18

- The name and address of each company you worked for in the last two years, including estimated income

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

Additional information may be required if you are self employed or if you worked in a government job which will give an annuity 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 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 begin in October of 2010, you will get your first payment in November 2010.

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