A secure, comfortable retirement is every worker's dream. And now because we're living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did.
Achieving the dream of a secure, comfortable retirement is much easier when you plan your finances.
The three major elements of your retirement portfolio are benefits from pensions, savings and investments, and Social Security benefits.
This planner provides detailed information about your Social Security retirement benefits under current law.
Generally, you should apply for retirement benefits four months before you want your benefits to begin.
- If you were born before 1938 and you met all other requirements, you could receive benefits beginning with the first full month you were age 62. However, if you chose to begin receiving benefits before age 65, your benefits were reduced to account for the longer period over which you'll be paid.
If you were born after 1937, you also can start your Social Security benefits as early as age 62, but your full retirement age is more than 65.
To find out what your full retirement age is, use our Retirement Age Chart.
Choosing the month you start to get benefits is an important decision. If you plan to continue working after you reach age 62, it may be to your advantage to start your retirement benefits before you stop working.
When you apply for benefits, we'll need the following:
- Your Social Security number;
- Your birth certificate (If you don't have a birth certificate, you can get one from the state where you were born. Go to What Documents Will You Need When You Apply? for more information.);
- Your W-2 forms or self-employment tax return for last year;
If our records show that documents proving age or citizenship/lawful alien status have already been submitted for an earlier Medicare or Social Security claim (such as Disability, Supplemental Security Income, etc.), you do not need to submit the documents again.
- Your military discharge papers if you had military service;
- Your spouse's birth certificate and Social Security number if they are applying for benefits;
- Children's birth certificates and Social Security numbers, if they're applying for children's benefits;
- Proof of U.S. citizenship or lawful alien status if you (or a spouse or child applying for benefits) were not born in the U.S.; and
- The name of your bank and your account number so your benefits can be directly deposited into your account.
We need original documents or copies certified by the issuing office. You can mail or bring them to a Social Security office. We'll photocopy and return your documents.
Don't delay your retirement just because you don't have all the documents we need. The representatives in your local office will help you.
Factors that may affect your retirement benefits include:
- Getting Benefits While Working
- Different kinds of earnings:
- Government Pension Offset (GPO)
- Income Taxes And Your Social Security Benefits
- Maximum Taxable Earnings
- Income From Pension, Annuities, Interest, And Dividends
- Social Security Credits
- Windfall Elimination Provision (WEP)
Remember to tell us whenever there's any change in your life circumstance that affects your benefits. For example, notify us if you:
- Marry or divorce;
- Change your name;
- Learn your estimated earnings will change;
- Change your Direct Deposit accounts;
- Adopt a child;
- Are no longer caring for a child who receives benefits;
- Are a non-citizen and your status changes;
- Start getting a pension from work not covered by Social Security;
- Get both Social Security and Railroad Retirement benefits;
- Leave the United States for more than 30 days;
- Become unable to manage your funds;
- Are convicted of a criminal offense; or
Apply for Retirement or Medicare
Your monthly benefit amount will be different depending on the age you start receiving it.
Apply for just Medicare if you areclose to age 65
Benefits for Your Family
Your spouse or child may receive a monthly payment of up to one-half of your full retirement benefit amount.