When you speak with a retirement planning attorney about your future he or she is going to explain the limitations of Social Security.
Thinking that you will be able to get by on Social Security alone is a mistake, and this is why advance planning with the benefit of expert guidance is so important.
Why is it a mistake? The answer is because Social Security benefits are quite limited. The average monthly benefit in 2012 was less than $1250, and even the maximum of $2513 is not exactly a king’s ransom.
The above having been stated Social Security is important as a safety net, and you need to know what to expect. With this in mind we would like to address three of the most commonly asked questions regarding Social Security.
How?
You can apply for Social Security by visiting this page on the Social Security website: Apply for Social Security Online.
One can also visit the local Social Security office in person or arrange to submit the application over the phone. The number to call is 800-772-1312.
When?
If you were born between 1943 and 1954 your age of full eligibility is 66. The age then goes up by two months per year until 1960. Everyone who was born in 1960 or after reaches the age of full eligibility at 67.
You do have the option of applying when you are as young as 62, but your benefit will be reduced if you go this route.
Another possibility would be to delay your application beyond your age of full retirement in an effort to accrue delayed retirement credits that would increase your benefit when you do apply.
How Much?
To find out how much you can expect to receive from Social Security simply register an account on the Social Security Administration website and you will be able to access your statement.
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