If you are serious about your future you would do well to discuss it with a licensed and experienced retirement planning attorney. Social Security in and of itself is anything but a retirement plan. The income that you will receive is going to be modest even if you paid into the program at a high rate throughout the course of your life.
The above being stated you do have to thoroughly understand what to expect from Social Security to be able to plan your retirement effectively. The first question that many people have involves the “when.”
When are you allowed to apply for your Social Security benefit? You have a few different choices.
You could submit your application when you reach the full retirement age as it is defined by the Social Security Administration. For those who are not yet receiving Social Security this age is going to be on your 66th birthday, your 67th birthday, or somewhere in between the two depending on your exact year of birth.
If you want to you could apply for your benefit when you are as young as 62, but you would be receiving less than you would if you waited until you reached the age of full eligibility. And, on the other side of the spectrum you could wait until you are as old as 70 to claim your benefit and accumulate delayed retirement credits that will increase your benefit amount as a result.
The second question involves the “how.”
You could actually apply for Social Security online, and this is a very simple and efficient method. One can call the Social Security administration directly to apply at 1-800-772-1213. And of course you could take the time to visit your local Social Security office in person to submit your application.