We would like to take a look at three of the most commonly asked questions regarding the Social Security program.
How Much Will I Get?
The way to find out this information is to sign up on the Social Security Administration website and view your personal statement so you can gain an understanding of approximately what you can expect to receive when you qualify for benefits. You can then use this projection to help you gauge exactly how much supplementation is going to be necessary.
When Can I Apply?
You can apply four months before you reach the age of eligibility. The earliest you can receive Social Security is at the age of 62, but your benefit would be reduced because of this early application.
You could wait until you reach the age of full eligibility, which is somewhere 66 and 67 (depending on your exact year of birth) if you are not yet receiving your benefit.
The third option would be to accrue delayed retirement credits that will increase your benefit when you do apply by continuing to work beyond your full eligibility age. You can allow these delayed retirement credits to accumulate until you are as old as 70.
How Do I Apply?
You have three different options. The old-school method would be to simply get in the car and go to the brick-and-mortar Social Security office. Alternately you can apply by phone and the phone number is 800-772-1213.
The third option would be to apply online. You can follow this link if you are interested in submitting your application electronically:
Apply Online for Social Security Benefits
John Kuhn, Estate Planning Attorney
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