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Will my social security benefits start automatically? – Woven Fool

Millions of elderly people count on social security to pay retirement accounts, and, fortunately, signing up for assistance is quite simple. But if you are thinking if this process will happen automatically, the answer is no.

Reason? There is no age for applying for social security. Eligible recipients receive eight years to receive benefits starting at the age of 62 and ending at the age of 70. (In fact, you do not even have to file 70, although there are no financial reasons to wait for the past.) There are different consequences and benefits associated with filing in different periods, so the decision to receive benefits is not what can Social Security Administration (SSA) for you. Rather, you have to weigh the pros and cons of serving in different periods to land on the right.

  Person holding a social security card

SOURCE image: GETTY IMAGES. 19659006] Your social security payments are calculated based on your 35 highest earnings years, but the age at which you submit them may result in this number rising or falling. If you apply for a full retirement age (FRA) – 67 for those born in or after 1960 – you will receive the exact monthly allowance your earnings record gives you the right to. The file is in front of the FRA, and your benefits will be reduced for each month you require them early. And if you delay the payment of the FRA over the past period, you will increase it by 8% per year to 70 years – that is why you will not pay the expectations of the past 70 years: you will no longer increase your benefits

. These are the financial implications of your filing decision, you need to carefully consider your choices. The only thing to keep in mind is the degree to which you expect to rely on social security to cover retirement costs. If you are well-preserved, you can qualify for benefits early on so you can use them to travel or enjoy life while you are relatively young. But if you have low savings, you probably want to grow these benefits, or at least avoid the reduction.

Your health must also play a big role in your decision. Although social insurance is technically designed to pay you the same amount of life, regardless of when you first file (the logic is that by claiming you will soon reduce your payments, but you will receive more of them, and the feed will late increase your payments, but you will get less), this is only if you live in an average life span. If your health is bad and you expect that you will go to the younger side, you will usually be better qualified for benefits as soon as you can. And if you expect that you will have to live longer than most, you should apply as soon as possible. . The passage can take several months, so if, for example, you want to start collecting benefits at the age of 67, it is advisable to apply when you reach the age of 66 and 9 months.

The easiest way to apply for social security online through the SSA website. You can also file an application by phone or personally at your local social insurance office, although you may need to meet if you are about to go through the last route. In any case, give yourself enough thought to the decision, and thank your happy stars that you have the opportunity to start gaining benefits at the time that is most optimal for you.

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