How do I begin receiving my Social Security benefits?
You can apply for retirement benefits online at www.ssa.gov, call our toll-free number, or contact a local Social Security office. Depending on your circumstances, you'll need some or all the documents listed below. Don't delay in applying for benefits if you don't have all the information.
Is it better to apply for Social Security online or in person?
Applying online is the easiest way to complete your application at a time that works for you, without a trip to the Social Security office.
What is the best month to start Social Security?
Individuals first become eligible to receive a benefit during the month after the month of their 62nd birthday. So, someone born in May becomes eligible in June. Since Social Security pays individuals a month behind, the person will receive the June benefit in July.
How long does it take to get Social Security after you apply?
approximately six weeksThe Social Security approval process is relatively speedy, but as it is a government program with a huge number of applicants, you can expect to wait approximately six weeks before you get your approval for benefits.
At what age is Social Security no longer taxed?
At 65 to 67, depending on the year of your birth, you are at full retirement age and can get full Social Security retirement benefits tax-free.
How much money can you have in the bank on Social Security retirement?
$2,000You can have up to $2,000 in cash or in the bank and still qualify for, or collect, SSI (Supplemental Security Income).
Do you pay taxes on Social Security?
Some people who get Social Security must pay federal income taxes on their benefits. However, no one pays taxes on more than 85% percent of their Social Security benefits. You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000.
Is it better to take Social Security at 62 or 67?
The short answer is yes. Retirees who begin collecting Social Security at 62 instead of at the full retirement age (67 for those born in 1960 or later) can expect their monthly benefits to be 30% lower. So, delaying claiming until 67 will result in a larger monthly check.
How soon after your birthday do you get your first Social Security check?
Social Security benefits are not prorated. They start the month following the birthday. The schedule, according to AARP, follows this rule: When the birth date falls between the 1st and 10th of the month, the payment is issued on the second Wednesday of the month following the birthday month.
Do Social Security benefits start the month of your birthday?
Your birthday generally determines your monthly payment schedule: If the birthday is between the first and the 10th day of the month, the benefit payment arrives on the second Wednesday of each month. If the birthday is between the 11th and the 20th, the payment comes on the third Wednesday of the month.
Is first Social Security check for 2 months?
Key Takeaway. For Social Security income, the youngest age when you can apply is 61 years and nine months old. You would then receive your first Social Security check four months later—the month after your 62nd birthday.
Is your first Social Security check retroactive?
All of which brings us to retroactive benefits. Here are the rules: If you first claim Social Security after reaching full retirement age, you can backdate your application and receive benefits for the months after reaching your full retirement age, not to exceed six months.