When do i start social security

In the meantime, please feel free to search for ways to make a difference in your community at www. Javascript must be enabled to use this site. Please enable Javascript in your browser and try again. Now Reading:. Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. If you have a reasonable expectation of living decades past retirement, postponing benefits to get a bigger payment could prove important to your long-term financial stability.

But if you turn 62 in poor health, or have a genetic predisposition to certain illnesses, you may decide it makes more sense for you and your family to get what you can, while you can. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also manage your communication preferences by updating your account at anytime.

You will be asked to register or log in. In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering. Once you confirm that subscription, you will regularly receive communications related to AARP volunteering.

In the meantime, please feel free to search for ways to make a difference in your community at www. Javascript must be enabled to use this site. Please enable Javascript in your browser and try again. Now Reading:. Membership My Account. For example, if you turn 62 on Dec. If you have already reached age 62 and met all other eligibility criteria, then you may begin collecting benefits in the same month when you apply if you specify, although your first payment still would not arrive until the following month.

Receiving Social Security at age 62 the earliest age when you can receive benefits means that you will receive a reduced payment compared with waiting for full retirement age. The amount that your monthly Social Security benefit increases for each year that you delay taking benefits past full retirement age until you reach age 70, at which point the increases stop.

Applying for Social Security benefits is a fairly simple process. Applications can be submitted online, over the phone, or in person at your local Social Security office although those offices are open by appointment only. The most convenient way to apply is through the online platform found on the Social Security Administration SSA website. The application itself takes about 10 to 30 minutes and can be saved at any point for future completion. Also, this application can be used to apply for Medicare.

It is generally recommended that you apply a few months in advance of when you would like to start receiving the checks. To ensure a quick and easy application process, it is best to have all the necessary information on hand before beginning. This can include but is not necessarily limited to the birth and marriage dates of you and your spouse, your Social Security number, proof of citizenship, tax information, employment history, military records, and bank account information for direct deposit.

Sometimes there are requests for documents, including original birth certificates, marriage licenses, and tax returns. An agent usually contacts you if any clarification or additional documentation is needed. Once you have completed your application and supplied all requested information, you are given a receipt for your records and a confirmation number that you can use to check the status of your application online after submission.

You can also follow up over the phone or in person at your local Social Security office. Depending on your situation and what documentation may be required, your application may be approved within the same month when you apply. In addition, benefit payment schedules are now dictated by date of birth. For those with birthdays from the first to the 10th of the month, payments will be made on the second Wednesday of every month.

For those born from the 11th to the 20th, payment is made on the third Wednesday of the month. For those born from the 21st to the 31st, payments are made on the fourth Wednesday of the month.

The SSA defines combined income using this formula:. How do these tax considerations affect when you should apply for Social Security benefits? Then you may want to claim early instead of waiting until age However, it's important to remember that investments have risks, and you may lose a portion or all of your invested money. However, if your returns are lower, if you receive reduced Social Security benefits because you continue working past age 62, if you have to pay taxes on your Social Security income, or if you have a spouse who would benefit from claiming Social Security benefits based on your record, then another Caplinger analysis suggests that all bets are off.

Claiming Social Security benefits could make you ineligible to put more money into a health savings account HSA. Your health insurance coverage can also play a role in deciding when to claim Social Security benefits. Do you have a health savings account HSA to which you would like to keep contributing? The SSA also cautions that even if you delay receiving Social Security benefits until after age 65, you might still need to apply for Medicare benefits within three months of turning 65 to avoid paying higher premiums for life for Medicare Part B and Part D.

As of Oct. If you can live without the income until age 70, then you will ensure the maximum payment for yourself and lock in the maximum spousal benefit.

Just be sure that you have enough other income to keep you going and that your health is good enough that you are likely to benefit from the wait. Social Security Administrator. Social Security Administration. Social Security Bulletin. Accessed Oct. Internal Revenue Service.

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