While there is an awful lot of debate on when you should file for Social Security benefits, the way in which you file is more straightforward, but not without its own confusing issues. Let’s take a look at what those issues are and what is required to start getting your payments once you’ve decided it’s time to collect.
First, find out the monthly benefit you are eligible for by logging onto www.ssa.gov. This will tell you the current benefit you are eligible for based on your earnings record. Make sure that the earnings history they have for you is accurate. You will want to correct any inaccurate information and have it updated in the system before you file for benefits. Once you confirm all of your information is correct, you’re ready to make an appointment to visit your local Social Security office. You can also file online at www.ssa.gov/apply or by calling 800-772-1213, but I still like the old-fashioned way, face to face.
You should actually file three months before the time you want to receive your first check due to timing delays, etc. Three months before is the earliest allowable time to file. It’s also important to keep in mind that your payment will arrive the month following the month your benefit starts. For example, if your benefit starts in January, your first check will come in February. This can confuse retirees who are counting on the timing of that first payment.
Once you have an appointment, what do you need to bring with you? You should bring your photo ID, along with a birth certificate and your bank information, so that they can direct deposit your benefit payment. You’ll also need to provide the following information:
- Your date and place of birth
- Your Social Security number
- The name, date of birth or the Social Security number of your current and, if applicable, former spouse
- The names of children under 18, children disabled prior to age 22, or children 18 to 19 years old who are enrolled in college
- Whether or not you have ever filed for Social Security benefits, Medicare or Supplemental Security Income (SSI) before
- Whether you want to enroll in Medicare Part “B” (if you’re within three months of age 65)
- The name and address of your current employer, along with salary information (W-2) for the previous year. That’s not updated in the system until the following year.
- The dates of any military service, if applicable
- Whether you are eligible for a pension as a Federal Government employee
It is also important to note that the employee you talk to at the local Social Security office is not allowed to help you decide which claiming strategy is best for you or when is the best time to file. Therefore, it is important to do your own research well in advance of filing or seek the advice of a professional who can help you decide before you go. For more information about Social Security, download our “4 Crucial Social Security Facts” guide by visiting https://www.reichassetmanagement.com/ssfacts.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. To view form CRS, visit https://bit.ly/KF-Disclosures.
Eric is President and founder of Reich Asset Management, LLC. He relies on his 25 years of experience to help clients have an enjoyable retirement. He is a Certified Financial Planner™ and Certified Investment Management AnalystSM (CIMA®) and has earned his Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) designations.
