Signs you should apply for Social Security benefits now
When to apply for Social Security benefits is the most important decision nearly every retiree faces. There is no right answer to this question. In reality, the right time to claim Social Security varies from person to person, depending on their personal and financial situation. If you too are facing a similar question but don’t know when to claim benefits, you should look for some signs or indicators, if visible, that mean now is the time to claim benefits. This article discusses signs that you should apply for Social Security benefits.
Here are three signs you should apply for Social Security benefits. These signs should not be ignored. If you are experiencing any of the following signs, you should seriously think about claiming Social Security benefits.
My health is deteriorating.
The most important benefit of deferring Social Security is that you can receive higher monthly benefit checks for a longer period of time. Therefore, such a strategy is effective for people who expect to live to age 80 or older. So if you’re healthy and OK, delaying Social Security may be a good idea for you.
On the other hand, if your health is deteriorating, this is one sign that you should apply for Social Security benefits immediately. Even if your parents and grandparents lived long, there is no guarantee that you will live as long as them. Poor health does not always mean a shorter lifespan, but it does increase the odds.
So, if you have a poor family history or a terminal illness, you can maximize your benefits by claiming early. In this case, if you delay claiming benefits, you risk dying before you receive them. Deferring benefits can allow you to receive larger checks over fewer years, but those with shorter lives will see fewer overall benefits.
Yes, it is true that no one can know how long he will live. However, you can make an estimate after assessing your overall health. So you have to be practical. If you don’t expect to live long, it’s in your best interest to file for Social Security as soon as possible.
Expenses such as medical expenses are likely to increase during retirement. Additionally, as your home ages, home maintenance costs can increase. Likewise, your last vehicle will also need to be scrapped, so you may need a new vehicle when you scrap it.
All of this means your overall costs will increase significantly, meaning you’ll have to use your savings to pay for them. If you don’t have enough saved, rising expenses should be a signal to apply for Social Security.
However, you can find alternative sources of income to help pay your bills. You may consider returning to work, finding a part-time job, or applying for other government benefits, such as the Supplemental Nutrition Assistance Program (SNAP). If these alternative sources of income don’t work, you may have to turn to Social Security.
You are approaching 70 years old.
You can delay claiming benefits until age 70. In fact, the Social Security Administration (SSA) offers a credit for people who delay claiming benefits until age 70. There is no financial benefit to delaying benefits once you reach age 70.
If you delay claiming benefits after you turn 70, it just means you’re denying yourself money you’re entitled to. So, as you approach age 70, it’s a sign that you need to claim benefits.
If you are experiencing one or more of the signs above and have decided to apply for Social Security, it is important to know about the application process. You can easily apply for Social Security online or by visiting your local Social Security office. It is recommended that you call SSA at 800-772-1213 to make an appointment before going to the office.
When you apply for Social Security, you will need the following information:
- Social Security number, date and place of birth, citizenship status, original birth certificate (or other proof) and proof of citizenship or authorization to work in the United States.
- Details of your current and/or former spouse, including name, social security number, date of birth, place of marriage, and date of divorce or death (if applicable).
- Details of children, including unmarried children under 18 years of age, children under 19 years of age, students in primary, middle or high school and children with disabilities.
- You must also provide information about any previous Social Security applications you or someone else submitted on your behalf.
- Bank account information or mailing address to receive your benefit check.
- Learn more about when you want your benefits to start.
- You will need to provide employment details, including the name and address of your employer this year and last year.
- Income details for this year and last year. To verify your income details, you can submit a copy of your W-2 form or self-employment tax return. You may also be asked to provide Social Security statements, which you can easily obtain by creating an account with the Social Security Administration.
- Finally, you must provide details about any special service or benefit history, such as in the U.S. military and the railroad industry. You must also provide information if you obtained Social Security credits through another country’s Social Security system.
