That's because if your income passes a certain level while you're receiving Social Security benefits, those benefits To determine whether you'll have to pay taxes on Social Security benefits, you need to calculate your "combined" income, which is your adjusted gross income ("AGI") plus non-taxable interest plus half of your Social Security benefits. receive communications related to AARP volunteering. You'd then receive your first SS check four months later—the month after your 62nd birthday. For example, if you turn 62 on Dec. 15, your first full month of eligibility is January, and your payment for that month will arrive in February. In the meantime, please feel free Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.Social Security is likely to be a critical part of your retirement, and it has played a major part in older Americans' financial lives for a long time. Apply For Retirement Benefits Our online retirement application lets you apply for retirement in as little as 15 minutes. (That's about $33,500 for the whole year. She also prepares the Fool's syndicated newspaper column and has written or co-written a number of Fool books. The Social Security Administration explains: "If you're younger than full retirement age during all of 2018, we must deduct $1 from your benefits for each $2 you earn above $17,040." to search for ways to make a difference in your community at Sometimes, there are requests for documents, including original birth certificates, marriage licenses, and Check Your Application Status Confirm that we received your application, see if we’ve made a decision, and more. Investopedia uses cookies to provide you with a great user experience. Applications can be submitted either online, over the phone, or in-person at your local Social Security office. As the minimum age to collect retirement benefits is 62, the earliest you can apply is when you reach 61 years and 9 months. The table below shows the taxation you can expect:Notice the words "up to" in the table above. Return To A Saved Application Already started an application?

You should be aware of and plan for the fact that Social Security benefits are paid one month in arrears, says Czarnowski. To apply for Social Security benefits you must be at least 61 years and 9 months old and have worked at least ten years total at jobs where you earn Social Security credits. The recent maximum monthly Social Security benefit for those retiring at their full retirement age was recently $2,788. Ninety six percent of all American workers are covered by Social Security. It is generally recommended you apply four months in advance of when you would like to start receiving the checks. You can apply for Social Security retirement benefits when you are at least 61 years and 9 months of age. Understand what Social Security is. How far in advance can I apply for my Social Security retirement benefits? Cumulative Growth of a $10,000 Investment in Stock Advisor It shows the approximate percentage of your full Social Security benefits that you'll get if you start collecting at various ages. For example, you and your spouse might start collecting the benefits of the spouse with the lower lifetime earnings record on time or early, while delaying starting to collect the benefits of the higher-earning spouse. You can apply for your benefits 3 months before you want your payments to start. You can avoid a trip to the local Social Security office and it allows for completing the process at times of your choosing. We use cookies to deliver the best user experience and improve our site. I turn 70 on November 21st. The offers that appear in this table are from partnerships from which Investopedia receives compensation. You should apply four months before you want your benefits to start. "If you're wondering how and when to start collecting Let's start with a little history. In order to ensure a quick and easy application process, it is best to have all the necessary information on hand before beginning. Social Security pays benefits a month behind, so your payment for November will be due in December.MaxiFi, MaxiFi Planner, and ESPlanner are registered trademarks of Economic Security Planning, Inc.

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