Some Useful Information That Will Assist You To Know When And The Procedure 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. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits? We'll discuss about 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 starting to retire, the full retirement age is 66. If you receive benefits before you reach full retirement age, your advantages will be lessen by up to 25%. On the other hand, if you delay collecting advantages 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 get credits thus there is no advantages to delaying advantages after age 70.

According to the Social Security Administration, roughly 73% of current Social Security beneficiaries are receiving reduced benefits (since they elected to receive them prior to their full retirement age); however this might not be the good strategy. Your health, life expectancy, marital status and other resources all play a role in when you should start collecting advantages. As Social Security plays such a crucial role in your retirement income (at least for many individual), it is recommended that you consult a financial professional who is knowledgeable in Social Security to help you decide 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 ways 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 merely 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 telephone.

3. Or you can visit an office in person if you want to discuss with an employee face to face. To locate the nearest office, visit the site at Social Security.gov.

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

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

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

- Names of any unmarried children under age 18

- The name and address of each company you worked for in the previous 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 enrolling in Medicare or not.

Additional information may be needed 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 before the date you want to start receiving benefits. Payments are sent the month after the month they are due. For instance, 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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