Answers to Three Common Questions About Social Security

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.