Social Security Income: Timeframe and Application Tips

Social-security-income-timeframe-and-application-tips

In the United States, submitting a retirement benefit application online for Social Security Income is the most practical option. A personal my Social Security account must be accessed by applicants, or one must be created if one doesn’t currently exist.

The Social Security Administration will provide you detailed advice on how to call them or make an appointment if they are unable to complete your request. It’s vital to keep in mind that you have up to four months to apply for retirement benefits before you want to begin receiving them. 

It’s a good idea to enroll in Medicare three months before turning 65, even if you’re not planning on retiring right away. During business hours, which are Monday through Friday from 08:00 to 19:00 local time, you can apply by phoning Social Security at 1-800-772-1213 (TTY 1-800-325-0778) if you prefer alternate means. 

Depending on your retirement age, you can get a maximum benefit amount. For instance, the maximum compensation would be $3,627 if you retired in 2023 at the full retirement age. On the other hand, the maximum benefit would be $2,572 if you retired at age 62 in 2023. 

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Impact of Delaying Social Security

Social-security-income-timeframe-and-application-tips
In the United States, submitting a retirement benefit application online for Social Security Income is the most practical option. A personal my Social Security account must be accessed by applicants, or one must be created if one doesn’t currently exist.

Additionally, your maximum benefit would be $4,555 if you delayed retirement until you turned 70 in 2023. Deciding when to begin receiving Social Security retirement benefits is important because it affects how much money you will get each month for the rest of your life in benefits.

You can earn your entire benefit amount if you wait until you reach full retirement age, which is 67 for those who were born in 1960 or after.

Although you can choose to begin receiving your Social Security retirement benefit as early as age 62, you should be aware that doing so could result in a 30 percent reduction in payments compared to waiting until your full retirement age.

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Source: www.marca.com

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