If you are over 62 years, you might be eligible for social security retirement benefits. But before you attempt to get them there are certain procedures to be followed, and even before that, you need to make a choice between full benefits or partial ones.
Claiming your Social Security Retirement Benefits
You need to file your Social Security retirement benefits at the local Social Security Administration office, my mail or online within four months of the months from which you wish to receive the Social security retirement benefits.
However, to be able to make an informed decision, you need to be fully awareof all aspects of your Social Security. In particular, you need to know about the retirement age and the eligibility for retirement benefits.
Age of Retirement
The earliest age at which one can begin to get retirement benefits is 62 years, but at that age one would not get full retirement benefits. The age at which full retirement benefits become available is between 65 to 67 years, depending upon your age of birth.
If you are born before 1938, you are eligible to get full retirement benefits at age of 65 years. For those born in years 1938 to 1942, the retirement age for full retirement benefits increases by two months for every year. Thus, for those born in 1938, it would be 65 years and two months, while for those born in 1942, it would be 65 years and ten months. For those born from 1943 to 1954, the retirement age for full retirement benefits is 66 years.
For those born from 1955 to 1959, the age for full retirement benefits again increases by two months for every year. It will be 66 years and six months for a person born in 1957. Foranyone born in 1960 or thereafter, the retirement age for full retirement benefits will be 67 years.
Reduced Retirement Benefit at earlier age of Retirement
If you opt for retirement benefits at age of 62, instead of the age at which you are eligible for full retirement benefits, then your retirement benefits will be reduced. If your retirement age is 67 years, your benefits may be reduced to around 70 percent of full benefits. Currently, the reduction for those opting to retire at 62 is up to 80 percent of full benefits.
Application for Retirement Benefits
Application for Social Security retirement benefits can be made in three ways - in the local Social Security administration office, by mail or online at the website of Social Security Administration, http://www.ssa.gov. You can seek any clarifications regarding retirement benefits by calling the Social Security Administration at (800) 772-1213.
Information to be submitted along with Applicant
The following information will be required to be submitted along with the application for Social Security retirement benefits.
(i) Original / copy of Social Security card
(ii) Birth Certificate
(iii) W-2 form or Self-employment tax return
(iv) Proof of Citizenship
(v) Your bank account number
Receiving your Retirement Benefits
The Social Security retirement benefits are paid on the first of the following month, meaning that the payment is given after the month. You have the option to receive the payment by way of a cheque or get it directly deposited in your bank account.