3 Tips When Applying For Social Security Benefits, #153

Retire With Ryan

Have you been excited to apply for Social Security only to get confused or frustrated by the process? You’re not alone! On this episode, I’m answering a listener's question and sharing three helpful tips to use when applying for Social Security benefits.

You will want to hear this episode if you are interested in...

• The best way to apply for Social Security benefits [1:51]
• When do Social Security benefits begin and how are they paid out? [3:10]
• When can I file for Social Security benefits? [8:09]

Applying for Social Security benefits

Whether you just became eligible for Social Security benefits at 62 or you’ve waited until age 70 for your maximum benefits, applying for Social Security can be a confusing process if you’re unfamiliar with the system. The first thing you should know is that applying for Social Security benefits is easiest when doing so online. This is the method recommended by the SSA, and their website can be easily accessed in the links below.

The next thing the soon-to-be enrolled should know is when to apply. You can file for Social Security benefits as early as 62 all the way up to 70 years old. As always, the best strategy is to wait until you turn 70 because you get an 8% benefit increase every year you wait between full retirement age and your 70th birthday. Just don’t forget to apply after you turn 70 because there is no added benefit to waiting longer than that.

Receiving your Social Security benefits

A question that stumps a lot of people when applying for Social Security benefits is what month they would like to start receiving their benefits. You can file for Social Security as early as four months prior to when you would like your benefits to start. For example, if your birthday is July 15th, you would select July as the month benefits begin. However, you won't actually receive anything until August because the government wants to ensure you are the correct age the entire month you receive your first check.

Speaking of checks, the SSA does not issue checks to new Social Security enrollees. The primary method for receiving Social Security benefits is through direct deposit into a bank account or credit union. The other option is called a Direct Express debit card. You can use it like a normal debit card and even make ATM withdrawals for a nominal fee. Listen to this episode for more on applying for Social Security!

Resources Mentioned

• Social Security Administration
• How To Apply For Social Security Benefits, #38
• Take my Retirement Readiness Review online course!

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