Friday, May 20, 2022

Do I Need To Sign Up For Social Security

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Ask Larry: How Far In Advance Do I Need To Apply For Social Security

How To Sign Up For My Social Security Account Online

    Economic Security Planning, Inc.

    Today’s column addresses questions about when you can submit your application to begin benefits, Social Security’s earnings test, working part time while receiving disability benefits and what happens to money paid in Social Security taxes but not collected. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.

    Have Social Security questions of your own youd like answered? Ask Larry about Social Security here.

    How Far In Advance Do I Need To Apply For Social Security?

    Hi Larry, I turn 70 in January. How far in advance do I need to apply for Social Security? My neighbor insists that you must apply four months before your benefits can start. He says that because I’ve waited, the earliest I can get benefits is now March. But your answers to other questions seem to indicate that this is not true. My neighbor however is adamant and he has already applied. He said that’s how it worked for him but he made sure to apply four months before his birthday. He says there’s nothing I can do about it now. Is he right? Thanks, Janet

    Hi Janet, Your neighbor is wrong. He’s misunderstanding Social Security’s guidance about filing.

    How Much Can I Work And Earn If I’ve Reached Retirement Age?

    Hi Larry, I have reached my retirement age. How much can I earn if I still work full time? Thanks, Stephen

    About Social Security Numbers

    Any student who will work in the U.S. must apply for a Social Security Number. The employer must use the SSN to report wages and taxes to the Internal Revenue Service and Social Security Administration . F-1 students are eligible to apply for an SSN after they have received an offer of employment that meets SSA standards.

    Social Security Benefits If Youre Married

    Determining Social Security calculations is a bit more complicated if you are married because you have the option to base benefits on your spouses salary history.

    If the lesser earning spouses benefits are based on the higher earning spouses, then the limit of those earnings will be 50 percent of the higher earning spouses benefit amount.

    To illustrate this, lets talk about A and B, a married couple.

    • A makes significantly more money than B.
    • A makes so much more money that As monthly Social Security benefits are going to be more than twice of Bs, based on Bs salary history.
    • The good news for B is that they can choose to have their Social Security benefits based on As salary history and can receive as much as 50 percent of As monthly benefit. This is the case even if B didnt hold a job outside the home.

    On the other hand, if Bs monthly benefit would have been more than half of As, based on Bs salary history, then B can claim that amount.

    In short, B can claim the higher of these two possibilities: Bs own Social Security earnings or half of As.

    This all assumes that B doesnt begin claiming benefits until B reaches full retirement age. If B begins claiming earlier, then Bs benefits will be less. In addition, if B is claiming benefits based on As earnings, then B does not benefit by waiting later than full retirement age.

    B will not be given more monthly benefits if B waits until age 70, for example, based on As earnings.

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    The Parts Of Medicare

    Social Security enrolls you in Original Medicare .

    • Medicare Part A helps pay for inpatient care in a hospital or limited time at a skilled nursing facility . Part A also pays for some home health care and hospice care.
    • Medicare Part B helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.

    Other parts of Medicare are run by private insurance companies that follow rules set by Medicare.

    • Supplemental policies help pay Medicare out-of-pocket copayments, coinsurance, and deductible expenses.
    • Medicare Advantage Plan includes all benefits and services covered under Part A and Part B prescription drugs and additional benefits such as vision, hearing, and dental bundled together in one plan.
    • Medicare Part D helps cover the cost of prescription drugs.

    Most people age 65 or older are eligible for free Medical hospital insurance if they have worked and paid Medicare taxes long enough. You can enroll in Medicare medical insurance by paying a monthly premium. Some beneficiaries with higher incomes will pay a higher monthly Part B premium. To learn more, read .

    Prepare Your Application Documents

    How Do I Check My Social Security Account

    2. Immigration Documents

  • Valid passport
  • Valid I-94 card OR Admission stamp in passport + Print-out of electronic I-94 card
  • 3. All of your original I-20’s OR

    DS-2019s .

    • The signature on your I-20 or DS-2019 must be an original signature. It cannot be a stamped or electronic signature except during the COVID-19 pandemic.
    • During COVID-19 an electronic signature may be accepted. If you are not sure what is accepted at the time you apply please contact your local office for details.

    They should be the exact same size as the original immigration documents.

    3. Employment Letter

    On-Campus Employment

    A letter from your on-campus employer on the employer’s letterhead verifying that you have secured employment. If it is not on original office letterhead, it must have an original signature in blue ink.

    • Your academic department cannot issue the employment letter.
    • There are several employers at UB . If you are not sure who your employer is, please ask your department who will pay you.
    • If you are employed by the State of New York or Research Foundation, your letter will automatically be sent to you when your new hire paperwork is received by Human Resources. If you have not received the employer letter, please check with your department to see if your paperwork was submitted. If your paperwork was submitted and you still have not received the employer letter, please contact the appropriate person below.
    State of New York

    Contact: Amanda Brown or Carlos Gallardo – 645-4429 or 645-4430

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    My Account For Individuals

    You will have to complete two steps.

    Step 1 Provide personal information

    • Enter your social insurance number.
    • Enter your date of birth.
    • Enter your current postal code or ZIP code.
    • Enter an amount you entered on one of your income tax and benefit returns. Have a copy of your returns handy. To register, a return for one of these two years must have been filed and assessed.
    • Create a CRA user ID and password.
    • Create your security questions and answers. You can also decide if you want a persistent cookie added to your computer, so you can access CRA sign-in services using that same computer later without being asked for more identification.

    After you complete step one of the registration process, you will have access to limited tax information on My Account. After you enter your CRA security code, you will have access to the full suite of services available in My Account, as well as the Auto-fill my return service.

    Step 2 Enter the CRA security code

    To access your account, return to My Account for Individuals, select “CRA sign in,” and enter your CRA user ID and password. When prompted, enter your CRA security code.

    You can sign into CRA sign-in services with a Sign-in Partner. This option lets you sign in with a user ID and password that you may already have, such as for online banking. For more information, see Sign-in Partners Help and FAQs.

    Social Security: What Should You Do At Age 62

    Is 62 your lucky number? If you’re eligible, that’s the earliest age you can start receiving Social Security retirement benefits. If you decide to start collecting benefits before your full retirement age, you’ll have company. According to the Social Security Administration , approximately 69% of Americans elect to receive their Social Security benefits early. . Although collecting early retirement benefits makes sense for some people, there’s a major drawback to consider: if you start collecting benefits early, your monthly retirement benefit will be permanently reduced. So before you put down the tools of your trade and pick up your first Social Security check, there are some factors you’ll need to weigh before deciding whether to start collecting benefits early.

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    You’re Claiming A Spousal Benefit And You’re At Or Over Your Fra

    Everyone is assigned a full retirement age based on their birth year. For today’s workers, that’s somewhere between 66 and 67. This is the age at which you become eligible for your full benefit based on your work history.

    If you’re claiming a benefit on your spouse’s work record, it’s also the age at which you become eligible for your maximum benefit. Similar to the scenario above, delaying benefits past this age won’t increase your checks any further, so there’s no sense in doing so.

    If you’re not sure whether your Social Security checks will be based on your work history or your spouse’s, you can find out by contacting the Social Security Administration. Or you can create a my Social Security account. This will tell you what, if any, benefit you qualify for on your own work record. And if you know what kind of benefit your spouse is getting, you can enter this in and it will tell you what kind of a spousal benefit you can get.

    The Social Security Administration will automatically give you the larger of your own benefit or a spousal benefit if you qualify for both. But keep in mind that you can’t claim a spousal benefit unless your spouse is already receiving checks. So if they haven’t signed up already, make sure they do so first so you can get your spousal benefit.

    How Do I Get A Non

    How to Sign Up for Medicare when your on Social Security

    A non-resident representative number is a number issued to non-resident individuals living in the United States who would like to use the Represent a Client service to access information and services on behalf of individuals and businesses. To apply for an NRRN, you must submit Form RC391, Application for a Canada Revenue Agency Non-Resident Representative Number , and provide supporting documentation to prove your identity. We will mail you a letter with your NRRN and instructions on how to use your NRRN to register for Represent a Client.

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    When Should You Claim Social Security

    If you expect to rely heavily on Social Security as a senior, then it pays to push yourself to wait until at least FRA to sign up. A better bet, however, may be to delay your benefits past FRA. For each year you do, up until you turn 70, your benefits increase by 8%. This means that if you’re looking at an FRA of 67, filing at 70 will give you 24% more monthly income to look forward to for life.

    Can You Still Work While Receiving Social Security

    You can continue to work while you receive Social Security benefits. But there is a limit to how much you can earn and still receive full benefits. The earning limit may be adjusted each year.

    If you earn above the limit, Social Security will deduct a certain amount of your benefits each year.

    Social Security Benefits, Earning Limits and Penalties

    SSA deducts $1 from your benefits for every $3 you earn above the limit

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    If Health Problems Force You To Retire Early

    Sometimes health problems force people to retire early. If you cannot work because of health problems, you should consider applying for Social Security disability benefits. The amount of the disability benefit is the same as a full, unreduced retirement benefit. If you are receiving Social Security disability benefits when you reach full retirement age, those benefits will be converted to retirement benefits.

    Apply For Retirement Benefits

    How do I sign up for Social Security benefits?

    Starting your Social Security retirement benefits is a major step on your retirement journey. This page will guide you through the process of applying for retirement benefits when youre ready to take that step. Our online application is a convenient way to apply on your own schedule, without an appointment. You can also apply by phone or by appointment at a Social Security office.

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    How To Receive Federal Benefits

    To begin receiving your federal benefits, like Social Security or veterans benefits, you must sign up for electronic payments with direct deposit.

    If You Have a Bank or Credit Union Account:

    • Call the Go Direct Helpline at .

    If You Don’t have a Bank or Credit Union Account:

    Make Changes to an Existing Direct Deposit Account:

    Learn how to make changes to an existing direct deposit account. You also may contact the federal agency that pays your benefit for help with your enrollment.

    When Can You File For Social Security

    The earliest when you can apply for Social Security benefits is at age 61 and nine months, and you can expect to receive your first payment four months laterthe month after your birthday. Typically, Social Security benefits are paid the month after they are due or must be specified. For example, the Social Security website states that an individual who wants their benefits to start in May will receive their first benefit check in June.

    For example, if you turn 62 on Dec. 15, then your first full month of eligibility is January, and your payment for that month will arrive in February. If you have already reached age 62 and met all other eligibility criteria, then you may begin collecting benefits in the same month when you apply if you specify, although your first payment still would not arrive until the following month.

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    When Youre Ready Contact Social Security To Sign Up:

    • Apply online This is the easiest and fastest way to sign up and get any financial help you may need. Youll need to create your secure my Social Security account to sign up for Medicare or apply for Social Security benefits online.
    • Contact your local Social Security office.
    • If you or your spouse worked for a railroad, call the Railroad Retirement Board at 1-877-772-5772.

    What Is A Social Security Card

    How do I sign up for Social Security benefits?

    Your Social Security card is an important piece of identification. You’ll need one to get a job, collect Social Security, or receive other government benefits.

    When you apply for a Social Security number , the Social Security Administration will assign you a nine-digit number. This is the same number that is printed on the Social Security card that SSA will issue you. If you change your name, you will need to get a corrected card.

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    Lost Or Stolen Federal Payments

    Report your lost, missing, or stolen federal check to the agency that issued the payment. It’s usually one of these paying agencies. If your documentation indicates it’s a different agency, and you need its contact information, look in the A-Z Index of U.S. Government Departments and Agencies.

    To get an update on your claim, contact the Treasury Department Philadelphia Financial Center at 1-855-868-0151, option 1.

    Tips For A Successful Retirement

    • Saving for retirement requires a strong financial plan and smart investing. A financial advisor help you on both fronts. SmartAssets free tool matches you with financial advisors in your area in 5 minutes. If youre ready to be matched with local advisors who can help you achieve your financial goals, get started now.
    • Dont forget to include Social Security payments in your retirement plans. They may not have a titanic impact on your finances in retirement, but they can line your pockets with some extra cash when you might need it. SmartAssets Social Security calculator can help you get an idea of your future benefits.
    • If you are thinking about where to retire, SmartAssets retirement tax-friendliness tool can help you figure out how your Social Security benefits, property taxes, and retirement account and pension withdrawals will be taxed in each state.

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    You Have A Terminal Illness

    Delaying Social Security benefits is generally wise if you expect to live into your 80s or beyond. Doing so typically gets you a larger lifetime benefit than signing up as soon as you become eligible at 62. But if you have a terminal illness or a family health history that leads you to believe you won’t live long, signing up earlier is usually the smarter play.

    If you try to delay benefits until 70 and end up dying in your 60s, you won’t get any money from Social Security at all. It’s better to start right away at 62 and get as much out of the program as you can.

    For most people, the right time to sign up for Social Security benefits isn’t always clear-cut. But if any of the three above scenarios apply to you, you should sign up for benefits as soon as possible. You don’t stand to gain anything from waiting any longer, so you may as well claim as many checks as possible.

    Required Information About Your Present And Past Employment

    Sign up for a " my Social Security Account"  Online

    In addition to providing a wide range of information about yourself, you will also need to know numerous things about your employment history for your retirement benefits application. When applying, you will need to disclose who you worked for over the last two years and where those businesses are located. The amount of money that you earned over the last two years will also be required.

    Other information regarding employment that is required to apply for benefits includes either a record of your earnings or a copy of your Social Security Statement. Individuals who dont have a copy of the statement can get one online by creating an account with the SSA. Other factors that will need to be disclosed on the application include:

    • The dates you started and ended U.S. military service before 1968 if applicable
    • Whether you or your spouse have even been employed with the railroad industry
    • Whether youve been unable to work at any point in the last 14 months due to injuries, illnesses, or conditions and what dates work was not possible
    • Whether you have received any Social Security credits in another country under its system
    • Whether you expect to get or qualify for an annuity or pension from your employment under the Federal government or a state or local subdivision

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