How to Receive Social Security Benefits

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Receiving social security benefits requires applying for them starting at the age of 62, but the older the individual, the larger the check from the government. Start cashing in social security benefits with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser Patrick Munro talking about how to receive social security benefits. Social security of course is a right of passage for a senior citizen. The first opportunity to apply for social security occurs when an individual has reached the age of sixty two. That's the first time that you can present yourself to the social security administration office in your town and show your date of birth, your social security number and your birth certificate. They then validate that you are in fact sixty two years of age, and approximately two months later you are in the system to receive a monthly check from the government which is an amount based on your past years of income earning. If you are able to defer applying for social security at age sixty two, each year you defer, the amount that you will receive on your check goes up in value. At sixty five in other words you would receive a longer period of time with a larger amount of money for your check. However, that being said with financial situations most Americans are not well prepared at that particular age and they do in fact apply for social security and receive their check. It's a burden on the government and on the taxpayer, something that we are still working on an active basis. This is Patrick Munro talking about how to receive social security.

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