Social security is like an online retirement application that could be completed in a matter of a few minutes.
Being easier to do, you can also apply from your home or office whenever you feel like doing so.?
You don?t have to visit one office to another or wait for appointments with a social security representative.
In a lot of cases, as soon as your application has been submitted online, you are done. That?s it. You would further be contacted on your contact numbers if needed.
However, the application for retirement and social security benefits could only be processed about four months before the benefits are supposed to begin.
This means that the earliest you are able to apply is around 61 years of age. And you might be able to receive the first payment about 4-5 months later.?
But as soon as you are eligible, you are allowed payments every month.
Application for Retirement Benefits: Who can apply?
If you want to apply online for the retirement benefits or even apply for the benefits as a spouse, you need to be:
- At least 61 years and 8 months old.
- Shouldn?t have applied for retirement benefits.
- If you want to start your benefits not more than 4 months in the future.
- Shouldn?t be receiving benefits on your very own social security record.
Why should I apply for retirement online?
There are more benefits to it than disadvantages. Some of the common advantages of applying for retirement online are:
- You get to answer all your questions on your own schedule. There?s no need to complete your application the same day as you started it. You can also start or stop the application as per your will without losing data.
- You can also avoid visits to offices. This saves you a lot of time and extra effort.
- If you made any kind of mistakes in your form or want to update any kind of information, you can also go back and revert the form. You can make the necessary changes and then move further.
- You can also review your answers and go back to make corrections before you submit your application.
- You can check the status of your online application. Keeping the print and record of the same information is also an option available.
- There?s no need to mail your application. All you have to do is to submit your details and that?s it.
- You also get a receipt for your online application.
Know this – If you apply for the benefits of more than about two months in the future, you might not be able to check the status of the application until one month before you start getting your benefits.
What to do before I apply?
Before you even start applying for the retirement benefits, there are different basics you need to be aware of.
Life Expectancy – There?s no definite age for anybody. A lot of us might live longer than the average life expectancy and some women might live longer than men.
There are different possibilities in life. The social security benefits that last as long as you live also provide a great protection against the scenario of outliving savings or other sources of income for your retirement.?
You would want to settle for such a retirement age that?s perfect as per your circumstances. This gives you enough income when you are in the need for it.
Your Retirement Age – Depending on your date of birth and your current age, you can claim the benefits accordingly. It could potentially affect the number of your benefits and the time as soon as you want your benefits to start.
Starting your benefits – Your benefits might start rolling as early as the age of 62 and as late as the age of 70 years.
Being employed while you receive the benefits – Before you reach the retirement age, if you decide to receive the benefits, your benefits might potentially be affected if you are working as well.
Benefits could be reduced for the age – The monthly benefits that you receive might be reduced if you start receiving them before the dedicated age to receive them.
Delaying the retirement credits – The delayed retirement credits might be added to your benefits if they start after your full retirement age.