Retiring? What You'll Need to Do to Collect Social Security
For many people, a check from Social Security is the hallmark of retirement. Even if it doesn't tug at your emotional heartstrings, it's still an important part of your monthly income in retirement, and it's important to make sure you take advantage of it. Fortunately, kicking off your Social Security benefits is simply a matter of collecting documents and filling out a form.
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Instructions
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Determine when you would like to begin receiving your Social Security benefits. You may begin taking them as early as age 62, but you are not required to take a benefit until you are 70 years old. If you take benefits prior to reaching "full retirement age" -- currently between age 66 and 67, depending on what year you were born -- your monthly payment may be reduced.
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Go to the website benefits.gov and use the Social Security Administration's Benefits Eligibility Screening Tool to determine which benefits programs apply to you. Print out the screening result so you know which applications to complete. This is most helpful six to 12 months prior to beginning benefit payments.
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Gather your paperwork for the application. When you apply for Social Security, you'll need your Social Security number, your birth certificate and last year's W-2 tax forms or self-employment tax return. If you were discharged from the military or are a naturalized citizen, you'll need copies of that paperwork as well. Finally, you'll need your bank account number and bank routing number if you would like to set up direct deposit of your monthly benefit.
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Complete an application for Social Security benefits. You should plan to do this several months before you want benefits to begin; however, you cannot do it any earlier than four months ahead of your 62nd birthday. You can complete the application online at SocialSecurity.gov, call 800-772-1213 or visit your local Social Security office.
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Wait for the application to be processed or for a follow-up phone call. The Social Security office may have questions about your application or may tell you about additional benefit options. Once your application is processed, you'll receive a letter of confirmation in the mail.
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Sit back and enjoy your retirement. Once your benefits begin, you'll receive a regular monthly check or direct account deposit of the amount shown on your confirmation letter.
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Tips & Warnings
Note that while you may apply for Medicare at the same time as you apply for Social Security benefits, the two programs are not dependent on one another. You may apply for Medicare without taking Social Security payments and vice versa. In the same vein, an application for Social Security does not necessarily also apply to Medicare.
