The retirement benefits application process follows these general steps, whether you apply online, by phone, or in person:
- Gather the information and documents you need to apply.
- Complete and submit your application.
- We review your application and contact you if we need more information.
- We mail you a decision letter.
- You start receiving your retirement benefits.
When should I apply for Social Security retirement benefits?
Social Security recommends applying for retirement benefits three months before you want them to begin, because processing can take two months or longer. In most cases, you can apply as early as four months in advance. Retirement payments arrive one month after the qualifying month, so you'll receive the deposit for a June start date in July.
Can I get SSI benefits if I get retirement?
You can get both SSI and Social Security retirement benefits at the same time, but there are a few requirements for SSI benefits, including: Having countable income below $783 per month for...
How to decide when to take Social Security retirement benefits?
- If you were born on January 1 st, you should refer to the previous year.
- If you were born on the 1 st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. ...
- You must be at least 62 for the entire month to receive benefits.
- Percentages are approximate due to rounding.
Can SSI force someone to apply for early retirement benefits?
Unfortunately, not only do SSI payments not automatically convert to retirement payments, but the Social Security Administration (SSA) can essentially force you to apply for early retirement benefits at 62, instead of waiting for your full retirement age.
How do you go about getting retirement benefits?
The Social Security Administration oversees social insurance programs that provide retirement, survivor, and disability benefits to Americans. To qualify for retirement benefits, a worker must pay into Social Security, earning 40 credits over a minimum of 10 years, and cannot make a claim before age 62.
How do I begin the retirement process?
Step 1: Define Your Retirement. ... Step 3: Evaluate Your Health — Now. ... Step 4: Determine When to Collect Social Security. ... Step 5: Network Through Social Media and Other Methods. ... Step 6: Decide How Much You Want (or Need) to Work. ... Step 7: Create a Retirement Budget. ... Step 8: Find New Ways to Cut Your Expenses (Start Saving More)More items...
What are the requirements for retirement?
Retirement Eligibility RequirementsAge 65 with five or more years of service credit, or.At least age 62, meet the Rule of 80 (combined age and years of service credit equal at least 80), and have at least five years of service credit.
How many months in advance should you apply for Social Security benefits?
four monthsYou can apply up to four months before you want your retirement benefits to start. For example, if you turn 62 on December 2, you can start your benefits as early as December, and apply in August. Even if you are not ready to retire, you still should sign up for Medicare three months before your 65th birthday.
Who do you notify when you retire?
Just as with any other position you have left in your career, regardless of your handbook, you should tell your plans to your boss no later than three weeks prior to your intended date of retirement. The "three week notice" is the bare minimum of time required to find, hire and train a replacement.
How long does it take to get your first retirement check?
If you set benefits to begin at full retirement age (FRA) — 66 and 4 months for people born in 1956 and gradually rising to 67 over the next few years — your first payment generally will arrive in the month after you attain that age.
What are the 3 types of retirement?
Three types of retirement and how to plan for eachTraditional Retirement. Traditional retirement is just that. ... Semi-Retirement. ... Temporary Retirement. ... Other Considerations.
What is a good monthly retirement income?
According to AARP, a good retirement income is about 80 percent of your pre-tax income prior to leaving the workforce. This is because when you're no longer working, you won't be paying income tax or other job-related expenses.
What should I do 1 year before retirement?
Finally, to prepare emotionally, figure out what you plan to do with your time in retirement.Create or Update Your Retirement Budget.Adjust Your Portfolio for Income.Learn How Medicare Works.Refinance Your Mortgage (Maybe)Decide When to Claim Social Security Benefits.Determine How You'll Spend Your Time.More items...
What documents do I need to apply for Social Security?
Social SecurityYour Social Security card or a record of your number.Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. ... If you were not born in the U.S., proof of U.S. citizenship or lawful alien status.More items...
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.
How long does it take to get Social Security retirement 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.
How long will it take to process my federal retirement application?
It takes around 60 days (2 months) to process applications for common cases. Your application could take longer if: We need additional information...
Who processes my federal retirement application?
Your agency's HR and payroll offices work to create your retirement application package, and then they send it to OPM for processing.
How does my agency's HR office process my application?
Your HR office will work to: Complete the Agency Check List of Immediate Retirement Procedures (SF-2801, Schedule D for CSRS or SF-3701, Schedule D...
What happens after my agency's HR office processes my application?
They will send your retirement package to your agency's payroll office, who will work to: Authorize your final pay check and lump sum payment for u...
How do I check the status of my retirement application?
After OPM receives your retirement package from your agency, we'll notify you and then assign you a claim number. After you get this notification a...
What information will I get about my retirement benefits once OPM finishes processing my application?
OPM will send you a welcome letter and personalized retirement booklet. Your booklet will detail your entire retirement benefits package, including...
I got my retirement benefits under the FERS program, but I should have received benefits under CSRS. How can I switch to CSRS?
You'll need to apply for corrected retirement program coverage. Learn more about how to switch retirement programs
Am I eligible for voluntary early retirement?
Maybe. If your agency undergoes a major reorganization, reduction in force, or transfer of function, and a significant percentage of the employees...
Do I need to submit a letter of resignation?
No. A completed and signed retirement application is equivalent to a letter of resignation. If you leave the federal service but you're eligible fo...
How long will it take to process my federal retirement application?
It takes around 60 days (2 months) to process applications for common cases.
Who processes my federal retirement application?
Your agency's HR and payroll offices work to create your retirement application package, and then they send it to OPM for processing.
What happens after my agency's HR office processes my application?
They will send your retirement package to your agency's payroll office, who will work to:
How do I check the status of my retirement application?
After OPM receives your retirement package from your agency, we'll notify you and then assign you a claim number. After you get this notification and claim number, you can contact us to get an update on the status of processing your retirement application.
What information will I get about my retirement benefits once OPM finishes processing my application?
OPM will send you a welcome letter and personalized retirement booklet. Your booklet will detail your entire retirement benefits package, including how much your monthly annuity payment will be, your enrollment in health care and life insurance coverage, and information you will need to prepare your annual tax returns.
Am I eligible for voluntary early retirement?
Maybe. If your agency undergoes a major reorganization, reduction in force, or transfer of function, and a significant percentage of the employees will be separated or will be reduced in pay, then the head of your agency can ask OPM to allow early optional retirement for eligible employees.
Do I need to submit a letter of resignation?
No. A completed and signed retirement application is equivalent to a letter of resignation.
Ways to Apply
You can complete an application for Retirement, Spouse's, Medicare or Disability Benefits online.
Retirement or Spouse's Benefits
You can apply online for Retirement or spouse's benefits or continue an application you already started.
Disability Benefits
You can apply online for disability benefits or continue an application you already started.
Appeal a Disability Decision
If your application for disability benefits was denied recently for medical reasons, you can request an appeal online or continue working on an appeal you already started.
Medicare Benefits
You can apply online for Medicare or continue an application you already started.
Extra Help with Medicare Prescription Drug Costs
You can apply online for Extra Help with Medicare prescription drug costs.
Supplemental Security Income (SSI) Benefits
If you want to apply for Supplemental Security Income (SSI), please read:
Who Is Eligible for Retirement Income via the SSA?
The Social Security retirement benefits system is one that relies on credits. You earn credits toward retirement benefits by working and paying taxes toward Social Security.
How Much Are Social Security Retirement Benefits?
The amount of your benefits depends on how much you earned throughout your life.
How Do You Apply for SSA Retirement Benefits?
You can apply for Social Security benefits online via the SSA's benefits application form. The SSA says that you should apply four months before you want your retirement benefits to start.
What happens after you reach full retirement age?
After you reach your full retirement age, we will recalculate your benefit amount to give you credit for any months you did not receive a benefit because of your earnings . We will send you a letter that explains any increase in your benefit amount.
What happens if you stop working?
If you stop working, your benefits will not increase because of additional earnings. We calculate your benefits based on your highest 35 years of earnings. If you stop working before you have 35 years of earnings, or you have low earnings for some years, this will affect your benefit calculation. However, if you wait to start benefits ...
What happens if you stop working and start receiving retirement benefits?
If you make the decision to stop working and start receiving retirement benefits before your full retirement age, your benefits are reduced a fraction of a percent for each month before your full retirement age. Also, your benefits will not increase because of additional earnings.
Do you get full retirement if you work?
If you also continue to work, you will be able to receive your full retirement benefits and any increase resulting from your additional earnings when we recalculate your benefits. Once you reach full retirement age, your earnings do not affect your benefit amount.
What Documents Do You Need to Apply for Retirement Benefits?
We request different documents depending on your circumstances. You can help by being ready to provide the information and documents listed below. You can also use our Checklist For The Online Medicare, Retirement, And Spouses Application to help you gather the information you need to apply.
If You Don't Have All Of The Documents
Even if you don't have everything, don't delay applying for Social Security retirement benefits. You can provide the missing documents later. We may be able to help you get them.
How does Social Security work?
Social Security is a program run by the federal government. The program works by using taxes paid into a trust fund to provide benefits to people who are eligible. You’ll need a Social Security number when you apply for a job. Find how to apply for a Social Security number or to replace your Social Security card .
How much of your pre-retirement income should you replace with retirement?
Current savings. The worksheet assumes that you’ll need to replace about 80 percent of your pre-retirement income. Social Security retirement benefits should replace about 40 percent of an average wage earner’s income after retiring. This leaves approximately 40 percent to be replaced by retirement savings.
What does Social Security provide?
Social Security provides you with a source of income when you retire or if you can’t work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death.
How much does Social Security pay?
Social Security pays benefits that are generally equal to about 40 percent of your pre-retirement earnings. The Social Security Administration helps you estimate your benefits. Learn from Investor.gov how you can boost your retirement savings. If you have a financial advisor, talk to them about your plans.
What percentage of your salary should you save for 401(k)?
If, for example, you are in a 401 (k) plan in which you contribute 4 percent of your salary and your employer also contributes 4 percent, your saving rate would be 8 percent of your salary. By using the worksheet, you’ve figured out your target savings rate. It gives you a rough idea –a savings goal.
How to save for retirement?
Use automatic deductions from your payroll or your checking account. Make saving for retirement a habit. Be realistic about investment returns. If you change jobs, keep your savings in the plan or roll them over to another retirement account. Don’t dip into retirement savings early.
How long can a 65 year old woman live in retirement?
How long will you live in retirement? Based on current estimates, a 65 year old man can expect to live approximately 18 years in retirement, and a 65 year old woman can expect to live about 20 years , but many people live longer. Planning to live well into your 90s can help you avoid outliving your income.
