When To Apply For Social Security
As stated above, you are eligible to apply for Social Security retirement benefits when you are 61 and nine months. You can start collecting benefits as soon as you turn 62.
However, just because you can, does not mean that you should.
The longer you delay starting your benefits, the more your monthly income will be. In fact, the difference in lifetime income between starting at age 62 and waiting until your maximum retirement age can be more than $100,000 and for many people much much more.
While you can start benefits at age 62, the Social Security Administration considers that early. Depending on your birth year, you do not reach what the SSA calls full retirement age until sometime between ages 66 and 67.
- For every month prior to your full retirement age that you begin taking benefits, around 0.55% is deducted from your payout.
- And, for every year that you defer your benefits, you will receive a larger amount when you finally do begin drawing Social Security. The amount of the bonus is dependent, once more, on your birth date. For example, someone born in 1944 has a full retirement age of 66. If they start benefits at age 69, they will receive eight percent more benefits for each year they delay.
Online Application For Social Security Retirement Benifits
You have reached retirement age. All the years of hard work are about to pay off and it is time to collect your Social Security check by sitting down to apply for your retirement benefits. It is important to note that even if you did not pay into the social security system, you may still be able to collect a benefit through a spouse, family member or SSI
How Do I Sign Up For Medicare
If you already get Social Security benefits, well automatically enroll you in Medicare Hospital Insurance and Medical Insurance . Well mail you all the information you need a few months before you become eligible.Note: Residents of Puerto Rico or foreign countries wont automatically receive Part B. They must elect this benefit.If you dont get Social Security benefits and are not ready to apply for them yet, you should sign up for Medicare three months before your 65th birthday.The easiest way to apply for Medicare is by using our online application.If you dont wish to apply online, make an appointment by calling us at 1-800-772-1213 , 8:00 am 7:00 pm, Monday through Friday.Important Information about Medical Insurance CoverageBecause you must pay a premium for Part B coverage, you can turn it down. However, if you decide to sign up for Part B later, your coverage can be delayed and you may have to pay a late enrollment penalty for as long as you have Part B coverage. Your monthly premium will go up 10 percent for each 12-month period you were eligible for Part B, but didnt sign up for it unless you qualify for a special enrollment period.More Information
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Work Information Youll Need
What you do for a living may have an impact on your benefits, so youll need to supply the SSA with some employment information as well. This includes the name and address of your employer for both this year and last year.
Youll also need to know how much money you earned this year, last year and potentially next year. Youll need an estimate of next years income if youre applying in September, October, November or December.
Similar to the above section, you should also indicate on your application if any of these conditions apply to you:
- Youve been unable to work because of injury, illness or another condition at any point within the past 14 months.
- Youve qualified for a pension or an annuity from a federal or state government employer.
- You or your spouse have ever worked for the railroad industry in any capacity
- Youve earned any Social Security credit under the social security system of another country
To Qualify For Medicare You Need To Get Disability Benefits From:
- Social Security
- Railroad Retirement Board
If you or your spouse worked for a railroad, call the Railroad Retirement Board at 1-877-772-5772.
If you live in Puerto Rico or outside the U.S.
Don’t Get Spooked Into A Bad Decision
Hearing that Social Security benefit cuts are on the table — and not so far into the future — may be quite unsettling. But don’t let that news drive you to make a financially harmful decision.
Rather than rushing to take benefits early, think about your income-related needs and life expectancy. If you’re in great health and expect a long retirement ahead, then slashing your benefits by claiming them early is a move that could really come back to haunt you.
Remember, lawmakers may do their part to prevent benefit cuts. But if you file for Social Security ahead of FRA, you’ll automatically slash that income stream for the rest of your life. Make sure you recognize the consequences of doing so before moving forward with that decision.
Other Information Youll Need
If youre married, youll also need to provide your spouses name, Social Security number , date of birth and age. Youll also need to have the date and place of marriage, and this goes for any former spouses as well. For logistical purposes, youll want to indicate what month you want your benefits to begin, and youll need to provide your banks routing number and your account number.
As part of your application, you can also indicate if you would like to enroll in Medicare Part B, but youll have to be eligible.
You should also note in your application if:
- You have any unmarried children under the age of 18 or disabled children under the age of 22.
- You or someone else has ever filed for Social Security benefits, Medicare or Supplemental Security Income on your behalf
- Youve ever used a different SSN
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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 Login 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 login,” and enter your CRA user ID and password. When prompted, enter your CRA security code.
You can log into CRA Login Services with a Sign-in Partner. This option lets you log 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.
Contact Social Security To Sign Up For Medicare
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?
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How It Affects Your Tax Bill
You might owe taxes on your Social Security benefits, but it depends on your provisional income and marital status. Your provisional income is defined as your adjusted gross income — your income minus some tax deductions — plus any nontaxable interest you have and half of your Social Security benefits.
Individuals with provisional income of $25,000 or more and married couples with provisional income of $32,000 or more could owe taxes on up to 50% of their Social Security benefits. And individuals with provisional income exceeding $34,000 and married couples with provisional income exceeding $44,000 could owe taxes on up to 85% of benefits. But just because you can owe that much doesn’t mean you will. The Social Security benefit tax formula is beyond the scope of this article, but here’s a guide for those who want to learn more.;
Some states also tax Social Security benefits, but each has its own rules. Check your state’s regulations to learn what to expect. Most states that tax benefits have some sort of income threshold, like the federal government, to determine who owes tax and how much.
Keep these taxes in mind when budgeting for your retirement. If you fail to plan for them, you could end up with a surprise bill at the end of the year that forces you to withdraw more money from your savings than you’d planned.
Working While You Receive Benefits
If you wish to work and draw your retirement, it is a possibility but you have to consider the amounts you can earn. The government caps the earnings . For example the income cap was $46.920 if you are over full retirement age. If you are under full retirement age, the cap was $17,640. It is important to note that you do not get a full social security check if you work. If you are under retirement age you one dollar less for every two you earn. If you are over retirement age, they deduct it at a rate of one dollar for every three. If you work overseas for over 45 hours a week, then you dont get your SSA check.
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If You Don’t Have All Of The Documents
Even if you don’t have everything, don’t delay applying for Social Security retirement benefits. You can provide the missing documents later. We may be able to help you get them.
In many cases, your local Social Security office can contact your state Bureau of Vital Statistics and verify your information online at no cost to you or find other ways to get the information we need.
If you delay signing up, you could lose some benefits you may be due.
How Many Years You’ve Worked
Your Social Security benefit is based on your average monthly earnings over your 35 highest-earning years, adjusted for inflation.
Working more than 35 years often increases benefits because workers typically earn more later in their careers. These higher-earning years gradually replace the lower-earning years in their benefit calculation. On the other hand, working less than 35 years can shrink Social Security checks quite a bit because zero-income years are then factored into the calculation.
If you earned $50,000 per year, adjusted for inflation, every year for 35 years, your monthly benefit would be $1,911 at your full retirement age . More on your FRA below. But if you only worked for 34 years instead of 35, your monthly benefit would now be just $1,872 at your FRA. That $39 loss may seem like a small price to pay for one year fewer in the workforce, but it adds up. Over 30 years, that $39 monthly loss would amount to $14,040.
You get to decide when to start benefits, and it’s fine to start before you’ve worked 35 years if you’re comfortable taking a loss. But if you want the largest checks, try to work for at least 35 years.
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Do You Have A Security Freeze Or Fraud Alert On Your Credit Report
If you have a security freeze, fraud alert, or both on your credit report, you can still open a mySocial Security account by temporarily lifting it.
If you dont want to temporarily lift your security freeze or fraud alert, you can visit your local Social Security office to open an account in person. For more information on security freezes and fraud alerts, read the Federal Trade Commissions .
What To Expect After You Apply For Social Security
For many retirees, once theyve applied for Social Security retirement benefits, the checks come in like clockwork. As retiree Mae Gillespie told AARP Magazine, she has never had any problem, but I do know how to work a budget. Ken and Claudia Adams, retirees in Las Vegas, consider their Social Security a valuable monthly asset, noting that their Social Security check allows us to live very comfortably.
Even if youre living overseas, you can likely get your Social Security check directly deposited into your bank. One thing you should be aware of is that you can apply for additional benefits if different situations arise, such as if you become disabled or if your spouse dies.
And if theres gridlock and political posturing in Washington in the future, you wont have to worry about your Social Security payments. Theyre considered mandatory spending and are not affected by government shutdowns. So, rest assured that short of the Social Security fund being completely depleted, you shouldnt have to worry about receiving your benefits once youve filed.
John Csiszar worked for 19 years as a financial advisor both with a major wirehouse and at his own registered investment advisory firm. Along the way, he earned his Series 7, 63, and 65 licenses, in addition to a California Insurance License and a Certified Financial Planner designation.
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Where Do I Enter My Cra Security Code
Once you receive your new CRA security code, return to the , and select the service you registered with. If you registered for a CRA user ID and password, select the CRA login option, or, if you registered using the Sign-in Partner service, select the Sign-in Partner option. Follow the online instructions, and enter your CRA security code when prompted.
The Easiest Way To Apply For Retirement Benefits Is Online
If you’re ready to retire and start receiving a Social Security check, first make sure;that;you’re eligible to apply for benefits. You must be a maximum of three months away from your 62nd birthday, and you must also be ready to start taking your benefits within the next four months.
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How To Apply For Disability Benefits
As soon as you become disabled, the Social Security office asks you to apply either in-person, over the phone or via the website. Disability claims take longer to process than others, typically from three to five months. Providing relevant documentation such as medical information at the time you apply for Social Security disability can make the process move more rapidly.
Earn Ssa Work Credits In Some Countries
You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.
How To Apply For Social Security
If ;you’re approaching retirement age, you may have some idea of when you’d like to start receiving Social Security benefits. However, you may not know how the application process works or when you need to apply in order to start receiving benefits at a specific time. Here’s what you need to know about how to apply for Social Security, what information you’ll need to gather, and when to fill out the application.
Three ways to applyWhen it comes time to apply for Social Security retirement benefits, you have three options. You can use the Social Security Administration’s;online application;process, which should take no more than 30 minutes as long as you’ve gathered all of the required information and documentation .
You can also choose to apply by phone, or at your local Social Security office if you’d rather have someone there to assist with the process. Whichever method you feel most comfortable using, your application will be reviewed and processed as soon as all necessary documentation and information is received. And, the Social Security Administration will notify you if it turns out you could qualify for higher benefits on your spouse’s record, or if other family members can receive benefits on your work record.
Bear in mind that Social Security benefits are paid in the month after they are due. So, if you start your benefits on your 62nd;birthday, you won’t start receiving payments until the following month.
- Your date and place of birth
- Your Social Security number