Retirement, the day many work for and look forward to. With retirement, a lot of important decisions need to be made. One of the most important decisions to make is determining when to begin receiving Social Security benefits. Benefits may begin as early as age 62 or as late as age 70.
When to File for Benefits
If choosing to receive benefits early, the benefit amount will be reduced by a fraction of a percent for each month before the determined full retirement age. In order to apply for Social Security benefits, one must be at least 61 years and 9 months old, want to start benefits in the next four months and live in the United States. The online Social Security Retirement application can be found at socialsecurity.gov and takes approximately 15 minutes to complete.
Items You’ll Need
The following items are needed to apply for Social Security benefits:
- Internet access
- Social Security Number
- Spouse’s Social Security Number
- Bank Routing Transit Number (electronic payment)
- Social Security Statement
- Birth Certificate
- W-2 form(s)/and or self-employment tax return for last year
Steps to Apply Online
Follow the step-by-step instructions below to apply online for Social Security benefits:
- Navigate to socialsecurity.gov.
- Click the “Applying Online for Retirement Benefits” link located in the center of the page.
- Review the documentation under “Before you begin…” located in the left-hand side of the page. Documentation includes information on using the online application form, Medicare and a timeframe of when benefits will begin.
- Estimate retirement benefits before starting the application. Click on the “Estimate my Benefit” button located in the top right-hand side of the page. The estimate will help answer some of the questions on the application. Visiting the “Retirement Benefits by Year of Birth” link under Resources will also help to determine the full retirement age and estimated monthly payments based on when benefits start.
- Start the application process. Click on the “Apply for Benefits” located at the bottom right-hand side of the page. Fill out the application. After the application has been completed, click to confirm the truthfulness of all answers. Providing false answers or misleading information may result in legal action.
- Sign the application electronically by clicking the “Sign Now” button at the end of the application.
Submit any documents which may include a birth certificate and W-2 form(s), to a Social Security Office. To find the nearest Social Security Office, visit the “Social Security Office Locator” link under Resources.
Tips on When to Apply
Early or late retirement generally gives out the same amount of total Social Security benefits over a lifetime. With early retirement, smaller monthly payments will be given out over a longer period of time. With late retirement, larger monthly payments will be given out over a shorter period of time.
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