Five Steps to Applying for and Collecting Social Security Retirement Benefits
TheStreet.com recently posted this handy guide to applying for and collecting Social Security retirement benefits. The emphasis is put on the fact that social security payments aren’t automatic and that the Social Security Administration won’t start paying out your benefits until you file an application form for social security benefits.
They put together a very straightforward 5 step process. Actually it’s a 3 step process, followed by two pieces of advice.
1) Decide When You Want to Receive Social Security Benefits
While it may look like a no-brainer to want your money right away, you may actually be better off delaying getting your money until the last possible minute. Each year you delay cashing in on Social Security, within a range of seven years or so, means more money in each check you receive. So If you need money as soon as possible, go ahead and get benefits as soon as you can. But if you can wait, it’s probably best to do so.
2) Call the SSA Early to secure an appointment in order to file your application
Reserve an appointment in advance, rather than just showing up and navigating the long lines in the office. Call the SSA at 800-772-1213 about three months in advance of the month in which you want to file for retirement benefits to schedule an appointment. Another option is to file for benefits online, which can make the process even quicker and easier.
3) Have Your Documentation Ready to Apply for Your Social Security Retirement Benefits
Have everything ready when you go to your appointment. According to the SSA Web site, you’ll need:
- Your Social Security number
- Your birth certificate
- W-2 forms or self-employment tax form from the previous year
- Your most-recent annual Social Security statement
Also, if applicable, you should take:
- Your bank name, routing number and account number for direct deposit
- Your military discharge papers if you had military service prior to 1968
- Your spouse’s birth certificate and Social Security number if he or she is applying for benefits
- Your children’s birth certificates and Social Security numbers, if you’re applying for benefits for them
- Proof of U.S. citizenship or lawful alien status if you (or the spouse or child applying for benefits) were not born in the U.S.
If you’re missing any of these documents, find out how to get copies of them before you need to apply for benefits.
4) Seek Out Other Social Security Retirement Benefits Resources
Local Senior Citizen Centers or Council on Aging Offices may be able to help guide you through the process of applying for social security retirement benefits. There are a lot of resources on the Internet and elsewhere for retirees.
5) Don’t Rely on Social Security Retirement Benefits Alone
Social Security provides a good safety net for older Americans, but it may not provide real financial comfort. Do what you can before you retire to save money, so Social Security can act as a supplement, rather than your only resource.
Like I said above, it’s very straightforward and informative. Of course, my favorite is the last piece of advice. It’s hardly ever too late to start getting your financial house in order. Social Security Benefits should not be a main source of income in retirement.
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