Submitting Your Social Security Application: When And How

As you get closer to retirement one of your top questions is most likely 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 advantages? 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 hinges on your birthday, but for boomers now starting to retire, the full retirement age is 66. If you receive benefits before you attain full retirement age, your advantages will be decreased by up to 25%. On the other hand, if you postpone collecting benefits after you get to full retirement age, your benefit will increase by 8% each year until you reach age 70. After age 70 you could no longer get credits hence there is no advantages to delaying benefits after age 70.

According to the Social Security Administration, approximately 73% of present Social Security beneficiaries are receiving reduced benefits (since they elected to get them prior to their full retirement age); however this may not be the best plan. Your health, life expectancy, marital status and other resources all play a role in when you should start collecting advantages. Since Social Security plays such a crucial role in your retirement income (at least for most people), it is advised that you consult a financial professional who is knowledgeable in Social Security to aid 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 advantages, 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 should call or go to an office in person to apply for survivor benefits).

2. Call 800-772-1213 to apply for advantages by telephone.

3. Or you can visit an office in person if you wish to discuss with an employee in person. To locate the closest office, visit the website at Social Security.gov.

You will require 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, partner's name, birth-date and SSN

- Name, date of birth and SSN of any former spouses

- Names of any not married children under age 18

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

- If you are within 3 months of turning 65, you'll also have 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 work which will offer a pension benefit.

Submit Your Social Security Application Three Months in Advance

You must 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 demand that they begin in October of 2010, you will receive your first payment in November 2010.

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