When you are planning for retirement you must know the basics about Social Security, and with this in mind we would like to look at three of the most frequently asked questions.
Where do I submit my application?
Back in the day before the advent of the Internet the way that you would apply would be to go down to the office if you were capable of doing so. This is still an option for you if you prefer face-to-face interactions.
However, the Social Security Administration website is set up to accept online applications now. And, if you would rather go another route you can apply by phone.
How old do I have to be to apply?
The earliest age at which you can apply for Social Security is 62. However, you should know that you would be receiving a benefit that would be reduced below the amount that you would get if you waited until you reach the full retirement age as as it is defined by the Social Security Administration.
To receive your full benefit you must wait until you are 66 if you were born between 1943 and 1954. The age of eligibility then rises by two months per year, but this graduation stops in 1960. People born during this year and after become fully eligible at the age of 67.
Is there any way to find out how much I will be getting?
Yes, this information can be obtained by accessing your Social Security statement. In the past these statements were mailed out in hard copy form, but now you can review your statement online after registering your account with the Social Security Administration.