Filing for Social Security: What to Know Before You Apply

When Should You File for Social Security?

One of the most common questions people approaching retirement ask is: "When should I start taking Social Security?"

There isn't one answer that's right for everyone. Your claiming decision may depend on factors such as your age, retirement date, other sources of retirement income, marital history, expected longevity, and overall financial situation.

Depending on your circumstances, you may be considering your own retirement benefit, a spousal benefit, or a survivor benefit. That's why it can be useful to separate two questions:

• 1.When should I claim Social Security?
• 2.How do I actually file for my benefits?

Ideally, the claiming strategy comes first. Once you've decided when and how you intend to claim, you can turn your attention to the application itself.

What Do You Need to Apply for Social Security?

Before beginning your Social Security application, gather the information and documents you may need:

• ·Your Social Security number and identification
• ·Bank routing and account numbers for direct deposit
• ·Marriage or divorce records, when applicable
• ·Military service information, when applicable
• ·Information relevant to the particular benefit for which you're applying

Having this information available before you begin can make the application process more manageable.

Check Your Social Security Earnings Record Before Filing

One particularly important step is reviewing your earnings history through your “my Social Security” account at SSA.gov.

Your Social Security earnings record matters because your recorded earnings are used in calculating your retirement benefit. Reviewing the history before filing gives you an opportunity to identify information that may not appear as expected — rather than discovering a discrepancy after you've already submitted your application.

Confirm Which Social Security Benefit You're Claiming

Social Security isn't limited to an individual's retirement benefit. Depending on your circumstances, you may be eligible for:

• ·Your own retirement benefit
• ·Spousal benefits
• ·Survivor benefits

For married, divorced, or widowed individuals, this can be especially important — your personal circumstances may affect the benefits available to you. Before submitting an application, make sure you understand which benefit you're applying for and the date you want that benefit to begin.

How Do You Apply for Social Security?

You can generally begin the Social Security application process online by creating or logging into your account at SSA.gov. If necessary, you may also be able to arrange a telephone or in-person appointment.

Before submitting the application, review the information carefully for accuracy — paying particular attention to the benefit you're requesting and the date you've selected for benefits to begin. Keep a copy of the application and related records for your files.

Should You Have Taxes Withheld From Social Security?

Before or during the filing process, consider discussing your tax-withholding election with your financial advisor or tax professional. Social Security doesn't exist in isolation — your benefits may be one component of a retirement income picture that could also include:

• ·IRA or retirement-plan withdrawals
• ·Pensions
• ·Investment income
• ·Employment income
• ·Roth conversions
• ·Required minimum distributions later in retirement

The interaction among these income sources is one reason a Social Security claiming decision can be more than simply choosing an age to begin receiving a check.

Social Security Should Be Part of Your Retirement Income Strategy

It's tempting to view Social Security as a stand-alone decision: determine your monthly benefit, choose a starting age, and file. But Social Security is better evaluated as one piece of a larger retirement-income plan.

The timing of Social Security may influence how much income you need to generate from your investments during the early years of retirement. Conversely, your available retirement assets and other income sources may affect how much flexibility you have regarding when to claim.

What Happens After You Apply for Social Security?

After filing, continue monitoring both your mail and your online Social Security account. The Social Security Administration may provide updates or request additional information.

When your benefits begin, review your first payment to make sure the information appears correct. Your first payment may arrive approximately one month after your selected benefit start date. Retain copies of important records, including:

• ·Your Social Security application
• ·Benefit estimates
• ·Tax-withholding elections
• ·Correspondence from the Social Security Administration

Watch for Social Security Scams

Social Security is frequently used as the subject of fraudulent phone calls, emails, and text messages. Be cautious when receiving unsolicited communications claiming to be from the Social Security Administration — particularly messages asking for personal information or demanding immediate action.

When you're uncertain about a communication, consider accessing your Social Security account independently rather than relying on a link or telephone number contained in an unsolicited message.

Frequently Asked Questions