How to Collect Social Security
Determine the eligibility requirements., Check your anticipated Social Security retirement benefits online., Consider at what age to apply., Apply for Medicare at 65.
Step-by-Step Guide
-
Step 1: Determine the eligibility requirements.
You need to understand the basic eligibility requirements before you begin the process of applying for Social Security retirement benefits.
You must be at least 61 years and 9 months old to apply for retirement benefits, you must not be currently receiving benefits on your Social Security record, and you can't have already applied for Social Security retirement benefits.
Apply for retirement benefits approximately four months before you want to start receiving them.
For instance, if you want to receive benefits starting in January then you should start the process at least by October.
If you want to apply for benefits that will start more than four months in the future, your claim will not be able to be processed. -
Step 2: Check your anticipated Social Security retirement benefits online.
It is highly recommended that you evaluate the level of benefits that you are likely to receive when you apply for Social Security before you begin the process.
You can check your anticipated Social Security retirement benefits online at any time by going to the SSA website at: http://www.ssa.gov/planners/benefitcalculators.html.
These online calculators can give you a clear picture of your financial future and help inform your decision about when to collect Social Security and how to secure your future.
The "Retirement Estimator" will provide you with a personal estimate of how much your benefits will be, depending on when you retire., The main decision you need to make with regards to your retirement benefits is when to apply.
As you are eligible to apply anytime between 62 and 70 years old, you need to weigh the pros and cons for your particular situation.
Generally, whenever you choose to retire, the benefits you receive will be about the same over your lifetime.
If you retire earlier, the monthly amounts will necessarily be a little smaller in order to cover the longer period in which you are collecting them.
As such, if you collect later, the monthly amounts will be greater, but the duration of the payments will be shorter.For example, if your full retirement age is 66 and you were to receive $1000 a month at that age, this would change significantly if you were to retire earlier or later.
In this example, retiring at the age of 62 would reduce your monthly benefit to around $750.
If you retired later, at 70 years of age, your monthly benefit would rise to $1320.Use the calculator to help inform your choice and don't rush into a decision.
Contact the SSA before you decide to retire to talk through your options., If you decide to delay collecting your Social Security because you are still working, don't forget to apply for Medicare.
Regardless of when you decide to retire, you should make your Medicare application three months before you will turn
65.
If you don't enroll when you're first eligible you may be required to make a late enrollment payment. -
Step 3: Consider at what age to apply.
-
Step 4: Apply for Medicare at 65.
Detailed Guide
You need to understand the basic eligibility requirements before you begin the process of applying for Social Security retirement benefits.
You must be at least 61 years and 9 months old to apply for retirement benefits, you must not be currently receiving benefits on your Social Security record, and you can't have already applied for Social Security retirement benefits.
Apply for retirement benefits approximately four months before you want to start receiving them.
For instance, if you want to receive benefits starting in January then you should start the process at least by October.
If you want to apply for benefits that will start more than four months in the future, your claim will not be able to be processed.
It is highly recommended that you evaluate the level of benefits that you are likely to receive when you apply for Social Security before you begin the process.
You can check your anticipated Social Security retirement benefits online at any time by going to the SSA website at: http://www.ssa.gov/planners/benefitcalculators.html.
These online calculators can give you a clear picture of your financial future and help inform your decision about when to collect Social Security and how to secure your future.
The "Retirement Estimator" will provide you with a personal estimate of how much your benefits will be, depending on when you retire., The main decision you need to make with regards to your retirement benefits is when to apply.
As you are eligible to apply anytime between 62 and 70 years old, you need to weigh the pros and cons for your particular situation.
Generally, whenever you choose to retire, the benefits you receive will be about the same over your lifetime.
If you retire earlier, the monthly amounts will necessarily be a little smaller in order to cover the longer period in which you are collecting them.
As such, if you collect later, the monthly amounts will be greater, but the duration of the payments will be shorter.For example, if your full retirement age is 66 and you were to receive $1000 a month at that age, this would change significantly if you were to retire earlier or later.
In this example, retiring at the age of 62 would reduce your monthly benefit to around $750.
If you retired later, at 70 years of age, your monthly benefit would rise to $1320.Use the calculator to help inform your choice and don't rush into a decision.
Contact the SSA before you decide to retire to talk through your options., If you decide to delay collecting your Social Security because you are still working, don't forget to apply for Medicare.
Regardless of when you decide to retire, you should make your Medicare application three months before you will turn
65.
If you don't enroll when you're first eligible you may be required to make a late enrollment payment.
About the Author
Gloria Ramos
Dedicated to helping readers learn new skills in lifestyle and beyond.
Rate This Guide
How helpful was this guide? Click to rate: