How To Get Your Social Security Benefits When It's Time

As you approach retirement age, you are probably thinking more than ever about how your life will look when you stop working. You will still need enough income to maintain your desired lifestyle, but you also need to consider your health, family members' needs, and any goals you have after retirement. In other words, there's a lot to consider.

You will also want to make sure you're receiving Social Security benefits when it is time to do so. While you may also have other income sources such as a company retirement plan, Social Security benefits can make up a significant portion of your income once you stop working. That's why it's important to understand what benefits you have available.

When Should I Start the Process?

You will need to apply for Social Security benefits four months before you want them to start. If you need help navigating your benefit information, a Social Security lawyer can help you go through your options and understand what benefits you should receive.

When Can I Start Collecting Benefits?

You can start collecting Social Security benefits at age 62. If you are on disability or are a survivor of another Social Security claimant, you can collect it earlier. The closer you wait until your full retirement age to begin receiving benefits, the more money you will receive. Here is what you need to know about how age affects retirement benefits.

Early retirement age: Your benefit is reduced if you begin collecting before your full retirement age.

Full retirement age: Full retirement age varies depending on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. People born between 1951-1959 reach full retirement age increasingly later until it reaches age 67. Individuals born in 1960 and later reach full retirement at age 67.

Delayed retirement age: If you wait until between full retirement and age 70 to begin collecting Social Security, you will be eligible for delayed retirement credits. After age 70, there is no incentive to delay receiving benefits.

What Are My Options?

Deciding when to start collecting Social Security benefits is an individual decision, depending on your finances, health and lifestyle. You have four options for receiving benefits.

Working while receiving benefits: Before reaching full retirement age, you can work while receiving Social Security benefits. If you earn more than the yearly earnings limits, however, your benefits will be reduced.

Stopping work and receiving benefits: Benefits are reduced if you stop working before full retirement age. Benefits are calculated based on your highest 35 years of earnings. Delaying benefits until after full retirement age will make you eligible for delayed retirement credits.

Continuing work and not receiving benefits: Up to age 70, your benefits will increase for each month you don't receive them. Continuing work could replace a year of lower earnings.

Stopping work without receiving benefits: Your benefits won't increase due to additional earnings if you stop working. However, your benefits will increase each month you do not receive them up to age 70.

Your circumstances are different than anyone else's, so no single option works for everyone.

How Do I Apply?

You can apply for benefits by calling the Social Security Administration office, visiting your local office in person or applying online.

You'll need to gather information before you apply. Bank information, military service, current and previous marriage dates, self-employment income and family member information will be necessary. You'll also need to provide documentation. Keep handy your birth certificate, tax forms from the last year, military papers if you served before 1968, and proof of citizenship if you were not born in the United States.

Once you apply, you'll receive a reply in the mail after your information is reviewed. If you want to appeal a decision, you can do so within 60 days of your written notification.

Social Security benefits are a significant part of most retirees' income. Understanding how and when to collect them can sometimes be confusing, so don't be afraid to reach out for help if you need it.