Applying for Social Security is very easy. In fact, it is probably too easy to apply for such a critical decision. A more important and complicated question is when to apply it.
Let’s start with the simple part…
Five Steps to Applying for Social Security
To apply for Social Security, follow these five steps.
Step 1: Make sure to apply
Make sure you make the right decision about when you want to apply. This is a decision that will affect the rest of your life. (See below.)
Step 2: Assess eligibility
Make sure you are qualified.
To apply for Social Security benefits, you must be at least 61 years and 9 months old and have worked for at least 10 years in employment that earned Social Security Credit.
96% of American workers are covered by Social Security.
Step 3: Collect the documents
This step may be the most difficult part, but it is still very easy.
When it’s time to apply for Social Security, you’ll want to gather the information and documentation you need for your application. These include:
- Your date and place of birth
- Your Social Security Number
- If you are not a US citizen, you will need your permanent resident card number
- The name of your current spouse and the name of your previous spouse (if you have been married for more than 10 years or if your marriage dies). The Social Security Administration can help you assess whether submitting their benefits will result in a higher salary than submitting your own proceeds.
- Spouse’s Social Security Number and Date of Birth, Start and End of Marriage
- Names and dates of birth of children who have become disabled before the age of 22 or are under the age of 18 (and unmarried). Additionally, children ages 18-19 and still attending secondary school full-time must have a name and date of birth.
- Details of current employment and employers for other jobs held within the past two years. This information can be found in the online Social Security Statement. You will also need the employer’s name and the start and end date of employment.
- If you are self-employed (or the past two years), you will need to report your business type and total net profit.
- If you choose to use Social Security benefits direct deposits for your bank account, you will also need the bank account type and number, as well as the bank’s routing number. (If the bank is not in the US, the country of International Direct Deposit Bank, bank name, bank code, currency type, branch or transport number is also required.)
Step 4: Complete the application
Using the above information, you should be able to complete the application.
you can:
- Apply online (It should take about 15 minutes), and I would probably recommend migrating to a new login.gov account. Click here for details.
- Phone using 1-800-772-1213
- Directly to you Local Social Security Bureau. A telephone-made reservation is required (1-800-772-1213).
Step 5: Monitor status
Once the application is submitted, the Social Security Agency will contact you if you have any questions. You can also check the status of your application online.
look? It’s very easy!
However, before doing any of the above, consider carefully when you want to start your merits accurately. This decision can make a huge difference in your financial well-being in retirement. Continue reading for important guidance on this decision.
When do you apply for Social Security?
As mentioned above, you are eligible to apply for Social Security Retirement Benefits at 61 and 9 months. You can start collecting benefits as soon as you turn 62.
However, just because you can do it doesn’t mean you should.
The later the start of benefits, the more you earn each month. In fact, starting at age 62, the difference in lifetime income before waiting for a maximum retirement age to exceed $100,000 is much larger for many.
Benefits can be started at age 62, but the Social Security Agency (SSA) considers it to be “early”. Depending on the year of birth, you will not reach what the SSA calls.Complete retirement ageBetween the ages of 66 and 67.
- Approximately 0.55% of your payment will be deducted monthly before the full retirement age when you start taking benefits.
- And every year you postpone your profits, when you finally start withdrawing Social Security, you will receive more money. The amount of the bonus will depend once more on your date of birth. For example, those born in 1944 have a full retirement age of 66 years. Starting benefits at age 69 increases your delayed annual profit by 8%.
Calculate the best time to start Social Security
If you’re confused about when to start, you can use Social Security Explorer, part of the Boldin Retirement Planner, to compare your monthly income with maximum lifetime payments at different ages.
Alternatively, you can consider the following rules of thumb:
- Get it quickly: The only people who should consider taking Social Security early are those who need money quickly or don’t expect to live very long due to illness.
- Take at retirement age: If you have reason to believe you are not living past 80, generally speaking, taking them when you reach full retirement age will maximize your Social Security benefits.
- Wait as long as possible: On the other hand, if you are certain you will live past 80 or 85, most experts recommend that you postpone social security whenever possible (ages 70).
- other: If you have dependents, the additional benefits you receive for them may apply when you are younger.
It might also be a very good idea to have an overall retirement plan before deciding when to start Social Security benefits. The Boldin Retirement Planner helps you assess all sources of retirement income. This tool was recently named the Best Resignation Calculator by the American Association of Individual Investors (aaii).
