The income that you receive from Social Security as a senior citizen is probably going to be very important to you. The Social Security Administration tells us that the majority of individuals who are on Social Security rely on their benefits for most of their income.
While the above may be true, you would do well to understand the facts about Social Security so that you have a realistic viewpoint with regard to exactly what this program will do for you. To this end, we would like to provide the answers to three commonly asked questions about Social Security.
How Much Can I Expect to Receive?
Your benefit amount is calculated based on the 35 years during which you made the most amount of money. You can find out how much you can expect to receive by registering on the Social Security Administration website. Once you do this you can view your statement and it will show you how much you have contributed and how much you can expect your monthly benefit to be.
When Can I Apply?
You can start to receive Social Security when you are as young as 62 but your benefit would be reduced. The age of full retirement eligibility for people born after 1954 is either 66 years of age, 67, or somewhere in between these two birthdays. The exact age depends on your year of birth.
How Do You Apply?
You can go the easy route and apply online. This is the relevant page on the SSA website: Online Social Security Application
Alternately you could go down to the Social Security office in person or call the SSA at 1-800-772-1213 to arrange for an appointment to submit your application over the phone.
- Generational Wealth is Key to Leveling the Playing Field - November 24, 2020
- Fair Isn’t Always Equal and Vice Versa - November 19, 2020
- Staying Current is Especially Important in the Pandemic - October 28, 2020