Bureaucracy, paperwork, documents, processes… time. An unlikely combination of words, isn’t it? Well, no way, that’s what’s coming if you’re about to start your retirement process. It may seem overwhelming, but with the right information and accurate planning, you can move forward with this new stage of your life without setbacks.
The first thing is to verify your eligibility for Social Security benefits. The first step in starting your retirement benefits application process is to determine if you are eligible. The eligibility of new retirees depends on whether they have accumulated enough work credits during their working life.
How Much Should I Work to Claim Benefits?
Generally, you should have worked for at least 10 years, which would have accumulated 40 credits to be eligible. Age is also decisive: you can start receiving benefits from the age of 62, but benefits gradually increase in each year until the age of 70, when they stop growing.
You must weigh whether it is convenient for you to claim benefits at 62, or wait for your “full retirement age” (FRA), which for most soon-to-be retirees is from 65 to 67 years (depending on your year of birth), or if you can wait until age 70 to receive the maximum paid by the Social Security Administration (SSA).
The Documents You Will Need to Apply for Social Security
Before starting your application, you should gather all the necessary documentation, because we already know more or less what the SSA needs to know about you. This includes your Social Security number, proof of your age (such as a birth certificate), information about your recent employment and about your earnings for the previous years.
You will also need to show details about your bank account if you want the payments to be deposited directly. If you do not have an active bank account, it is recommended that you opt for that option because payments by bank deposit are more secure in that they will arrive. You can also consider the option of receiving payments by paper checks, but these are sent to the beneficiaries by postal mail, which generates longer times for the money to reach you every month.
Start Your Application for Benefits Online
The easiest and fastest way to apply for benefits is through the SSA website. The online application is accessible and designed to be user-friendly. You will have to provide detailed personal and work information, as well as the documents that you previously gathered. The process may take between 15 and 30 minutes to complete.
Once you have submitted your application, using the SSA platform, you will receive a confirmation through the agency by means of the email that you have included in the form. That same means of contact will be used by the SSA to request some other information or additional document from you.
If Everything Is Correct, You Will Start Receiving Your Retirement
After your application has been approved, you will start receiving your retirement benefits. Payments are usually deposited monthly into your bank account, if you opted for that option, which is the most recommended.
The amount you will receive depends on several factors, including your earnings throughout your working life and the age at which you start receiving benefits.
Remember that you can also work while receiving retirement benefits, although there are limits on how much you can earn without having your benefits reduced.
Check with your local SSA office about these limits to avoid losing money from your retirement. In addition, planning when to start receiving benefits is crucial, since waiting until you reach full retirement age can result in a higher monthly benefit.
