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Home » Retirement Planning » Answers to Three Common Questions About Social Security

Answers to Three Common Questions About Social Security

January 30, 2013 by John Potter

We have massive numbers of people applying for Social Security every day because of the maturing of the baby boomer generation. There are around 10,000 seniors applying daily, and this volume is expected to continue for perhaps 20 years.

Because so many people are approaching retirement age these days, there are some basic questions circulating, and we would like to address three of the most common ones here.

What Is the Application Process?

Applying for Social Security is a lot easier and more convenient than you may think. If you are reading this you have Internet access. You can simply apply online by following this link: Submit Online Social Security Application

Another possible course of action would be to go down to the brick-and-mortar office that is local to you. The third option would be to set up a phone application session, and you can do this by calling the SSA at 800-772-1213.

When May I Apply?

If you were born before 1955 and are not yet receiving Social Security your age of eligibility is 66. If you were born in 1955 your full eligibility age is 66 years and two months old. It then rises by two months per year until 1960 when this eligibility age peaks at 67.

You could also choose to retire when you are as young as 62, but you would be accepting a reduced benefit.

How Do I Find Out How Much I Will Get?

This can be done by obtaining your Social Security statement online. To gain access you simply establish an account on the Social Security Administration website.

To maximize your expected lifetime payout from Social Security, you may want to discuss your options with a financial planner.

 

 

 

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Filed Under: Retirement Planning Tagged With: Financial Planning, Retirement Planning, Social Security

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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