Monday, January 24, 2022

How And When To Sign Up For Social Security

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Contact Social Security To Sign Up For Medicare

How To Sign Up For My Social Security Account Online

You can either:

Know when to sign up for Part BYou can only sign up for Part B at certain times. If you dont sign up for Part B when you turn 65, you might have to wait to sign up and pay a monthly late enrollment penalty. Find out when you can sign up.; How much is the Part B late enrollment penalty?

Your Options: Working Applying For Retirement Benefits Or Both

Choosing when to start receiving your Social Security retirement benefits is an important decision. Theres no one choice that works for everyone because your lifestyle, finances, and goals are not the same as others.

Do you want to retire early, stay on the job, or work beyond retirement age?

Should you start receiving retirement benefits now, or wait until you can receive a higher benefit amount?

These are important questions youll need to answer as you plan for your retirement. Consider the four options below to help you make the best decision.

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At What Age Do I Qualify For Medicare

Medicare eligibility for seniors begins at age 65 . Your initial enrollment period for Medicare begins three months before the month of your 65th birthday, and ends three months after the month you turn 65.

If you miss your initial Medicare enrollment window, you can sign up during the general enrollment period of January 1 through March 31 of each year. But holding off too long could cost you. If you wait too long to sign up for Medicare Part B, youll face a 10 percent increase in your Part B premiums for every year-long period you were eligible to enroll but didnt. There are also financial implications associated with waiting too long to sign up for a Part D drug plan.

That said, if youre still working and have coverage under a group health plan during the seven-month period surrounding your 65th birthday, youll get a special enrollment period that begins when you separate from your employer or your group coverage ends. As such, you wont have to worry about the aforementioned penalties provided you sign up during your special enrollment period.

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What Information Is Needed To Apply

When you apply for Social Security benefits, there may be some information that is required of you, this is to make sure that everything adds up and that you are eligible for the benefits. Here is the information you will need:

  • Your personal Social Security card
  • Your birth certificate
  • Proof that you are a U.S citizen
  • Your tax information from the previous year.

If you dont have all of the necessary information to sign up, this should not hold you back, you can still apply with the information that you do have and you can always send in the other information at a later time.

The Social Security office may even help you to obtain that information.

What About Taxes On Social Security

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Keep in mind that Social Security benefits may be taxable, depending on your combined income. Your combined income is equal to your adjusted gross income , plus non-taxable interest payments , plus half of your Social Security benefit.

As your combined income increases above a certain threshold , more of your benefit is subject to income tax, up to a maximum of 85%. For help, talk with a CPA or tax professional.

In any case, if youre still working, you may want to postpone Social Security either until you reach your full retirement age or until your earned income is less than the annual limit. In no situation should you postpone benefits past age 70.

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What Documents Do You Need To Apply For Retirement Benefits

We request different documents depending on your circumstances. You can help by being ready to provide the information and documents listed below. You can also use our Checklist For The Online Medicare, Retirement, And Spouses Application to help you gather the information you need to apply.

Documents we may ask for include:

  • Your Social Security card or a record of your number.
  • Your original birth certificate, a copy certified by the issuing agency, or other proof of your age.We must see the original document, or copies certified by the agency that issued them. We cannot accept photocopies or notarized copies.
  • If you were not born in the U.S., proof of U.S. citizenship or lawful alien status. We must see the original document, or copies certified by the agency that issued them. We cannot accept documents if they have expired. We cannot accept photocopies or notarized copies.
  • A copy of your U.S. military service paper if you served before 1968. A photocopy is acceptable.
  • A copy of your W-2 form and/or self-employment tax return for last year. A photocopy is acceptable.

We will return all documents and photocopies unless specifically told otherwise.

I Want To Sign Up For Only Part A Or Both Part A & Part B

Once youre eligible to sign up for Medicare , you have 2 options:

  • Sign up to get only Medicare coverage.
  • Apply to start getting benefits from Social Security . Once youre approved to start getting benefits, youll automatically get Part A coverage. Youll choose if you want Part B coverage when you apply for benefits.
  • Once you sign up , youll get a welcome package;with your Medicare card.

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    Social Security: Social Security Benefits You

    • JONNA RENOSocial Security District Manager, Bloomington

    We take pride in having provided vital benefits and services to this great nation for 86 years. America has a diverse population with a variety of needs. To meet those diverse needs, weve created web pages that speak directly to groups of people who may need information about our programs and services. These pages are easy to share with friends and family on social media. Here are just a few resources that might help you or someone you love:

    We proudly serve wounded warriors and veterans, who made sacrifices to preserve the freedoms Americans treasure. Many veterans do not know they might be eligible for disability benefits from Social Security. Please share this page with them to make sure they get the benefits they deserve: www.ssa.gov/people/veterans.

    Social Security plays an important role in providing economic security for women. Nearly 55 percent of the people receiving Social Security benefits are women. A woman who is 65 years old today can expect to live, on average, until about 87. A 65-year-old man can expect to live, on average, until about 84. With longer life expectancies than men, women tend to live more years in retirement and have a greater risk of exhausting their sources of income.

    These are just a few of the web pages tailored to specific groups needs. You can check out our People Like Me home page at www.ssa.gov/people to see all of them.

    Medicare Q&A:

    Approval For Disability Benefits

    Turning 65? How to Sign Up for Medicare and Social Security

    After you are approved for disability benefits, you wont receive SSDI benefits until you have been disabled for five complete months, because SSDi has a five-month waiting period. If you are approved right away , you would still have to wait five months for your checks to start.

    However, its more likely you wouldnt be approved for about six months to a year . In that case, when you finally get approved, you would be paid disability backpay starting with the sixth month after your disability began .

    After you are paid any backpay owing, you would get a disability benefit check each month. If your household income is over a certain amount, you will have to pay taxes on your disability benefits.

    Your family members may also be eligible for a partial monthly benefit. For more information, see How to Get Disability Benefits for Your Dependents.

    You can keep receiving SSDI as long as your medical condition prevents you from working. The SSA will perform a continuing disability review on your file every one to three years to determine if your condition has improved.

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    Report The Death Of A Social Security Or Medicare Beneficiary

    You must report the death of a family member receiving Social Security or Medicare benefits. The Social Security Administration processes death reports for both. Find out how you can report a death and how to cancel benefit payments. In addition to canceling SSA and Medicare benefits, find out what other benefits and accounts you should cancel.;

    Can It Be A Good Idea To Delay Enrollment In Either Social Security Or Medicare

    It often pays to delay Social Security past full retirement age, because in doing so, you get to accrue credits that boost your benefits by 8 percent a year up until age 70. Therefore, if you dont need the income from those benefits right away, you could conceivably sign up for Medicare at 65 and then wait another five years before filing for Social Security.

    There are also scenarios where it might pay to get on Social Security before enrolling in Medicare. If, for example, youre still working and have access to a heavily or fully subsidized health plan through your job, you may not have a need for Medicare. On the other hand, you might want your Social Security benefits to supplement your income, pay for travel, or help put your grandkids through college.

    Remember, health coverage under Medicare doesnt necessarily come cheap. Between premiums, deductibles, and coinsurance, you might find that your out-of-pocket costs are substantially lower under a group health plan, in which case it pays to stick with it as long as you can.

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    Social Security: Five Ways To Apply For Social Security Benefits Online

    • JONNA RENOSocial Security District Manager, Bloomington

    We continue to make it easier for you to access our programs and benefits. Our website offers a convenient way to apply for benefits online.

    You can apply online for:

    Retirement or Spouse’s Benefits You must be at least 61 years and 9 months in age and want your benefits to start in no more than four months. Apply at www.ssa.gov/retireonline.

    Disability Benefits You can use our online application, available at www.ssa.gov/disabilityonline, to apply for disability benefits if you:

    o Are age 18 or older;

    o Are not currently receiving benefits on your own Social Security record;

    o Are unable to work because of a medical condition that is expected to last at least 12 months or result in death; and

    o Have not been denied disability benefits in the last 60 days. If your application was recently denied, our online appeal application, is a starting point to request a review of the determination we made. Please visit www.ssa.gov/benefits/disability/appeal.html.

    Supplemental Security Income SSI is a federal income program funded by general tax revenues, and helps people who have little or no income and who are age 65 or older, blind, or have disabilities. If you meet certain requirements, you may apply online at www.ssa.gov/benefits/ssi. If you are not able to apply online, call your local Social Security office to apply.

    How And When To Apply For Social Security Benefits

    Pin by Donna Baker on WEB SITES or BLOGS worth scanning ...
      • B.S., Texas A&M University

      Applying for Social Security benefits is the easy part. You can apply online, by telephone or by walking into your local Social Security office. The hard part is deciding when to apply for your Social Security retirement benefits and rounding up all the documents you’ll need when you do.

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      Do I Need To Be On Social Security To Get Medicare Coverage

      Many seniors sign up for Social Security prior to securing Medicare coverage but doing so is by no means a requirement.

        Q: Do I need to be on Social Security to get Medicare coverage?

        A: Millions of seniors rely on Medicare for health benefits in retirement, and depend on Social Security as a key income source. But while the two programs are interrelated, participation in one doesnt necessarily hinge on being signed up for the other.

        What If I Take Benefits Early

        If you choose to receive your Social Security check up to 36 months before your full retirement age, be aware that your benefit is permanently reduced by five-ninths of 1% for each month.

        If you start more than 36 months before your full retirement age, the benefit is further reduced by five-twelfths of 1% per month, for the rest of retirement.

        For example, lets assume that you stop working at age 62. If your full retirement age is 66 and you elect to start benefits at age 62, the reduced benefit calculation is based on 48 months. This means that the reduction for the first 36 months is 20% and 5% for the remaining 12 months. Overall, your benefits would be permanently reduced by 25%.

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        You Automatically Get Medicare When You Turn 65

        • Well mail you a welcome package;with your Medicare card 3 months before your Medicare coverage starts.

        Sign up for Part B if you live in Puerto Rico or outside the U.S.You get Part A automatically. If you want Part B, you need to sign up for it. If you dont sign up for Part B within 3 months of turning 65, you might have to wait to sign up and pay a monthly late enrollment penalty.

        Social Security Benefits If Youre Married

        How to Sign Up for Medicare when your on Social Security

        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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        How Do You Apply For Social Security Benefits

        If you are eligible for Social Security benefits, you can apply online, by phone or by appointment at a local Social Security office.

        How to Apply for Social Security Benefits

        Online
        Applying online is the easiest way to apply for Social Security benefits. The Social Security website allows you to apply for retirement, spouses, Medicare and disability benefits at the same site. You can also apply for Supplemental Security Income benefits.
        Phone
        If you dont have Internet access, you can sign up by phone. You can call the Social Security Administration at 1-800-772-1213 .
        In-person
        The Social Security Administration has restrictions on office visits during the COVID-19 pandemic. It does allow in-person visits for certain services. You should check with the SSAs Coronavirus page to see if you can make an in-person appointment at your local office.

        Whats The Right Choice For You

        There are plenty of seniors who insist that claiming Social Security at 62 is the best move, while others are convinced that delaying benefits all the way to age 70 is the smartest move. But at the end of the day, the decision to claim benefits is a personal one, so rather than go with the masses, do whats best for you.

        There are plenty of good reasons to sign up for benefits at your exact FRA. But if you decide to go another route, theres nothing wrong with that, provided youve really taken the time to think things through.

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        When Should I Sign Up For Medicare

        Generally, we advise people to file for Medicare benefits 3 months before age 65. Remember, Medicare benefits can begin no earlier than age 65. If you are already receiving Social Security, you will automatically be enrolled in Medicare Parts A and B without an additional application. However, because you must pay a premium for Part B coverage, you have the option of turning it down.; You will receive a Medicare card about two months before age 65. If you would like to file for Medicare only, you can apply by calling 1-800-772-1213. Our representatives there can make an appointment for you at any convenient Social Security office and advise you what to bring with you.; When you apply for Medicare, we often also take an application for monthly benefits.; You can;apply for retirement benefits online.; ;

        If you didnt sign up when you were first eligible for Medicare, you can sign up during the General Enrollment Period between January 1 and March 31 each year, unless you are eligible for a Special Enrollment Period.

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