|
|
|
|
.jpg)
|
|
Home on 1 1/2 acres on the water with separate guest cottage in Door County, WI for sale. Includes dock, fireplace, hot tub, gardens. Can be purchased completely furnished. Click Here for more information.
|
|
|
|
|
|
|
|
|
Apply for Social Security Benefits in 15 Minutes
|
|
|
|
|
You should apply 3 months before you wish to start collecting.
The Social Security Administration now allows you to easily apply on line. When you’re finished,click the “Sign Now” button to submit your application. There are no forms to sign, and most of the time no additional documents are required, but to be safe have your Social Security card or a record of your birth like a birth certificate or proof of U.S. citizenship handy. If more information is needed, Social Security will contact you To apply, go to www.socialsecurity.gov/retireonline or call 1-800-772-1213
Your normal retirement age (sometimes called your “full retirement age”) depends on your year of birth. Normal retirement age is the point at which you’re eligible for full Social Security retirement benefits.
| 1937 and prior -Age 65 |
|
1942 - 65 and 10 months |
|
1958 - 66 and 8 months |
| 1938 - 65 and 2 months |
|
1943 to 1954 - Age 66 |
|
1959 - 66 and 10 months |
| 1939 - 65 and 4 months |
|
1955 - 66 and 2 months |
|
1960 + Age 67 |
| 1940 - 65 and 6 months |
|
1956 - 66 and 4 months |
|
|
| 1941 - 65 and 8 months |
|
1957 - 66 and 6 months |
|
|
If you were born on January 1 of any year, look to the previous year in the table above to find your normal retirement age.
Delay benefits if at all possible.
Unless it is likely you will not live the average longer projected life, if you are in your early 60s you should not tap into your Social Security benefits/. By starting at 62, rather than at the government's "full retirement age" of 66 for people born from 1943 to 1954, you would cut your monthly benefits substantially. If you wait until age 70 you would get 132% of the monthly benefit you would collect at your full retirement age.
A retiree eligible for $18,750 a year in Social Security at age 62 who waits to collect would receive $33,000 a year starting at age 70 and could substantially increase the after-tax amount she/he could spend by age 95, according to T. Rowe Price. Assuming the benefit would increase 3% a year for inflation, and that the retiree was in the 25% marginal income-tax bracket, he/she would get $850,000 in all by starting the benefit at age 62—or $1.4 million by waiting until age 70.
Disclaimer: As with all financial advice you would check with your accountant and attorney to verify if this information pertains to your individual situation.
After May 1, 2011 you can no longer apply to get your Social Security check mailed to you—a paper check option is no longer available.
You can have your benefits deposited directly into your bank or credit union account or loaded onto a special prepaid debit card.
If you are currently receiving a paper check in the mail this does not apply; however by March 1, 2013, just about everyone who receives paper checks for Social Security will have to switch to electronic payments — either direct deposit to a bank or credit union account, or to the special debit card.
|
|
|
Full retirement age for Social Security benefits is gradually increasing to age 67. If you were born between 1943 and 1954, you should think carefully before deciding to take early retirement as the age for receiving Social Security is 66. People born in 1960 or later reach full retirement age at 67. Early retirement will be more costly for both of these age groups. If you were born during these years you will see your Social Security benefit reduced by 25% if you elect to retire at age 62. People born in 1937 or earlier have been able to retire at 62 with only a 20% reduction. Anyone born in 1960 and later will face a 30% reduction. No matter what your full retirement age is, you may start receiving benefits as early as age 62.
You can also retire at any time between age 62 and full retirement age. However, if you start at one of these early ages, your benefits are reduced a fraction of a percent for each month before your full retirement age. Social Security tool: http://www.ssa.gov/planners/calculators.htm
Enter your age and current income and the site will give you a ballpark monthly benefits estimate for early, regular or delayed retirement as well as estimated disability and survivor benefits.
The Social Security Web http://www.ssa.gov/ gives all kinds of worthwhile information including:
- Calculating your benefits
- How to apply for social security benefits and disability benefits
- Retirement planning information
- Marriage, divorce, name change
- Death in the family
- Ability to download forms
- Order or view publications
- Sign up for a free electronic newsletter on social security matters
When should you start collecting Social Security?
If you postpone drawing a Social Security retirement benefit, you’ll end up collecting more money each month. Let’s look at some actual numbers.
Here are examples assuming you would receive a monthly benefit of $1,000 a month had you waited to start collecting until your full retirement age of 66.
Start collecting at age 62 and you’ll receive $750 a month
Start collecting at 63 instead, you’ll get $800 a month.
Start collecting at 64, you’ll receive $866 a month.
Start collecting at 65, you’ll get $933 a month.
Start collecting at 66 — full retirement age — and you’ll receive the full $1,000 a month.
Start collecting at 67, you’ll receive $1,080 a month — an 8% increase.
Start collecting at 68, you’ll receive $1,160 a month.
Start collecting at 69, you’ll receive $1,240 a month.
Start collecting at 70, you’ll receive $1,320 a month — which is 32% more than if you started drawing benefits at age 66. |
|
|
|
|
|
|
|
|
|
|