Social security: Can I apply for benefits online?
Social security: Can I apply for benefits online?

Social security: Can I apply for benefits online?

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Applying for Social benefits is a big financial decision and the decision of when to do it can have significant consequences for the amount of money you receive in retirement and when.

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Applying for benefits online is perhaps the easiest way to apply for Social Security benefits. You can start yours online application through the SSA portal’s website. Before applying, however, there are some important things to consider.

When to make demands

The decision on when to claim benefits is the single most important factor that determines how much benefit you will receive. The earliest you can apply is at the age of 62, with the latest being 70 years old. Requires benefits at 62 is considered early, and full retirement age (OFF) – which is 67 for most people – is the age at which you receive your “full” benefit. If you decide to receive benefits at age 62, your benefit will be reduced, but you will receive more checks. Conversely, if you decide to receive benefits at 70, your monthly check will be larger, sometimes by as much as 30% more than if you had received benefits previously.

Everyone’s benefit amounts are different and tied to their own job registration, which counts the 35 highest income years against social security benefits. In addition, there are also spouse and survivors’ benefits one can apply based on their spouse’s earnings, which sometimes can add up to an additional $ 800 per. month. By setting up an mySocialSecurity account online, you can see your own personal earnings history and estimated benefit amounts, depending on the age at which you plan to claim benefits. This is an important and resourceful tool in retirement planning, as how much you receive from Social Security will determine lifestyle decisions later as where you live and how.

Before applying, you must collect certain documents, such as W2 forms, proof of U.S. citizenship, dates of previous marriages if you were married, and banking information, among others. You can receive more detailed information about the documents needed to apply via Checklist for online application for Medicare, Retirement and Spouses.

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Applying online is the easiest and fastest way to plan your social security services, however you can call or visit your local office also to apply.

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About the author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience in concentrations in asset management, portfolio management, private client banking and investment analysis. Georgina has written for Investopedia and WallStreetMojo.

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