On the question of when to apply for social security, many soon-to-be retirees worry excessively. As early as age 62, you will earn benefits. You’ll want to wait, though, to fully realize that it will permanently affect the amount of monthly compensation you would be paid when you apply for Social Security early. So, when and how to apply for social security? Let’s dive into it!

The Earliest Social Security Age

The earliest age you will be entitled to receive insurance is at age 62 if you apply for conventional Social Security retirement benefits, not disability or widow’s benefits.

As early as age 61 and 9 months, you can apply for those benefits. Your first check will arrive a month after you reach 62 years of age.

Understanding Your Age for Complete Retirement

While you can begin benefits as early as age 62, you need to consider how your monthly benefit would be diminished by filing earlier than your Full Retirement Age (FRA). 

Based on the year you were born, you will hit your full retirement age. 

When they turn 66, individuals born between 1943-1954 reach their FRA. If you were born later than that, Social Security adds two months for every year you were born.

A variety of great online calculators are available on the Social Security website to help you calculate your benefit amount based on when you file.

Reductions in Benefits Are Permanent.

Someone who hits their FRA at age 67 will qualify for benefits as early as age 62, but their advantage would be diminished by 30 percent permanently.

Delayed Increases in Retirement Income Are Also Permanent.

Waiting until the age of 70 would not further raise your privileges, so prepare to file no later than the age of 70.

Your Current Earning Will Also Impact Your Social Security Benefit.

If you already have some compensation because full-time or part-time employment is another factor when applying for Social Security. These days, many individuals work well into their 60s (and 70s), and Social Security will only allow you to receive so much each year before they decide to withhold benefits.

How to Register for Social Security Applications

It has been important to go to the social security office in person for several years to apply for benefits. You can still file in person today, but you do have other choices as well.

To request an application at NewMedicare, you can qualify for your retirement benefits.

Social Security can obtain a large amount of information about you during your application. For you and your family, this could include the dates of birth and marriage dates. You need to show the original records, such as a marriage license, birth certificates, and tax returns.

One way you will be ultra-prepared for your application for Social Security is to check your earnings reports each year when you are still employed. At NewMedicare, individuals may sign up for an account. Every year you should log in to your account and check your earnings history as your gain will essentially be determined over your lifetime by the top 35 years of annual earnings.

Don’t Forget About the Medicare Deduction.

When choosing when to apply for Social Security, the one thing to remember is the Medicare premium. Medicare qualifying people can have their Part B premiums removed from their Social Security check annually.

We see hundreds of older adults every year here at NewMedicare who turn 65 and get ready to sign up for Medicare. Yet, they are utterly unaware that there’s no free Medicare. In reality, the average Medicare recipient would pay $144.60 per month for Part B in 2020.

You should consider waiting an additional year or two to apply for Social Security if you turn 65. This worries you so that you can receive the early retirement credits that will increase your monthly benefits. 

Will you need help working out the coverage expenses for Medicare and Medicare Supplement? Give us a call, and we can help here at NewMedicare.