How Soon Can I Apply for Social Security
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Social Security: How Far In Advance Can I Apply?
When applying for social security benefits timing is everything. The age at which you lot begin collecting benefits can profoundly affect how much coin yous receive each month.
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The dominion of thumb is the earlier yous make up one's mind to have distributions, the smaller your monthly check will be if you lot waited until full retirement age — or the maximum age of 70 — to take reward of benefits.
According to the Social Security Administration, the earliest you tin be eligible to receive benefits is 62 years of age — but you must be 62 for the unabridged month. This means if you turn 62 on the 28th of the month, you must wait until the adjacent calendar month to claim benefits for the outset fourth dimension.
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If you were born on the beginning or second day of the month, you lot run across this requirement at the moment of your 62nd birthday. If yous were born on whatever other day of the month, you do non meet this requirement until the post-obit calendar month.
The SSA states you can use up to four months before you lot want your retirement benefits to starting time. This is the earliest yous tin can apply for social security benefits to make sure your benefits begin to distribute equally presently every bit you lot reach 62. For instance, if you turn 62 on Dec. ii, you tin can start your benefits equally early on as December and begin the application process in August.
According to the assistants, fifty-fifty if you are not prepare to retire you should withal sign up for Medicare 3 months before your 65th birthday.
See: Social Security: How to Boost Your Benefit by $800
Observe: How Much Can the Average Senior Citizen Expect To Benefit From Social Security?
If you expect longer to claim your benefits, you lot can receive more in each check. Benefits are reduced upward to 30% if you claim benefits at age 62 versus total retirement age. You can receive fifty-fifty more if you lot wait until historic period 70. The difference between taking benefits at 70 versus 62 can sometimes be $800.
To check when yous should apply, you tin log onto the SSA site and get an interpretation of your benefit amount and acquire what the difference will be if you await to take distributions or not.
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This article originally appeared on GOBankingRates.com: Social Security: How Far In Advance Tin can I Apply?
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Source: https://finance.yahoo.com/news/social-security-far-advance-apply-125756171.html
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