Are you ready to apply for Social Security?
Did you know that according to the Social Security Administration, more than 9 out of 10 individuals age 65 and older receive Social Security benefits? There are some steps to take before taking those benefits, however.
Before taking Social Security benefits you’ll need to obtain your Social Security benefit statements. These can be obtained by visiting your local Social Security office. Be sure to make an appointment to ensure your visit allows enough time for any questions you may have to be answered. This information can also be obtained online at www.ssa.gov.
Choosing the best way and time to take Social Security benefits can be complicated. Many factors may influence your decision such as longevity, income needs, other income sources, personal assets and more. Here are a few things to consider:
- You can begin receiving Social Security benefits as early as age 62; however, your retirement benefit is reduced.
- If you are under Social Security full retirement age and are still working in some capacity, you are limited to what you can earn while receiving benefits.
- Consult your tax advisor before taking Social Security to verify the potential impact for your specific situation.
To ensure a smooth transition, you’ll want to apply for benefits at your local Social Security office or online two to three months before the date you want your benefits to start.
Learn more about taking Social Security by downloading our comprehensive checklist.
PLEASE NOTE: JNBA is not an agent of the Social Security Administration. All claiming strategies and benefits must be verified and accepted by the Social Security Administration.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, Inc.
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