Social Security Retirement Benefits: How to Apply & Maximize Your Monthly Payments

Age to Receive Full Social Security Benefits

Paying for Health Insurance

At age 65, you’re eligible for Medicare. If you enroll in Medicare Part B (medical insurance), the cost will be deducted from your Social Security payments. 

Withholding Taxes

You have the option to have your taxes deducted directly from your Social Security payments. If you choose not to, you’ll get more each month. But it will also increase the amount you have to pay back during tax season. 

Continuing to Work

If you apply for Social Security retirement benefits before your full retirement age, you will be subject to maximum annual earnings. So, if you continue to work, your payments may be temporarily reduced if you reach your annual max. 

Social Security Benefits for Spouses

Spouses of retirees may also be eligible to receive Social Security retirement benefits. Depending on their age at retirement, a spouse can receive as much as 50% of the worker’s benefit amount. 

Just like the worker, a spouse can begin collecting Social Security retirement benefits at age 62. But it will be at a reduced rate until they reach their full retirement age. 

If a spouse decides to retire early, their benefit amount will be reduced by a certain percentage for each month before their full retirement age. 

Additionally, if a spouse is eligible for their own retirement benefits, and their benefit is higher than the spousal benefit, they will receive their own benefits instead. 

Steps to Apply for Social Security Retirement Benefits

You can complete the application process online. Before you do, you may start with the following: 

1. Sign up for an online account on the Social Security website. You’ll be able to access personal records, get benefits estimates and start your application with this account. 
2. Check your eligibility. The Social Security website has a handy questionnaire to help you determine your eligibility.
3. Get a benefits estimate. Log into your online account and see how much you’re eligible to receive each month.
4. Determine when to apply. You may apply up to four months before you want to receive benefits. Be sure to select the month before your desired starting month on your application. Ex. If you want to start receiving payments in April, select March on your application.
5. Review a record of your earnings and check it for accuracy. Log into your Social Security account online to complete this task. 

How to Apply for Social Security Retirement Benefits

Starting your application online is easy. Use the online account you created for the process in the previous section to apply. 

Alternatively, you may schedule an appointment at your closest Social Security Administration office. 

What Information and Tax Information Do You Need to Apply for Social Security? 

You need quite a bit of information for your Social Security application. Let’s go through it! 

Information About You
 

1. Your date and place of birth, and Social Security number.
2. Your citizenship status.
3. Whether you have filed for Social Security benefits, Medicare or Supplemental Security Income in the past.
4. Whether you have used any other Social Security numbers.
5. The month you want your retirement benefits to begin.
6. Whether you want to enroll in Medical Insurance (Part B of Medicare).

Information About Others
 

1. Name, Social Security number and date of birth of your current spouse and any past spouses.
2. The names of any unmarried children under 18 years old, children between 18 and 19 years old and who are in elementary or secondary school, and any disabled children under 22 years old.

Information About Work
 

1. Name and address of your employer(s) from this year and last year.
2. How much you earned the last two years.
3. A copy of your Social Security statement or a record of your earnings. You can get your earnings record by logging into your Social Security account online.
4. If you served in the military before 1968, the beginning and end dates of your service.
5. Whether you became unable to work due to illness, injury or a medical condition any time in the last 14 months.
6. Whether you or your spouse ever worked in the railroad industry.
7. If you earned Social Security credits from another country.
8. If you qualify, or expect to qualify, to receive a pension or annuity from employment with the U.S. federal government or one of its local subdivisions.

Documents and Other Information You May Need
 

1. Your original birth certificate or a certified copy.
2. Proof of U.S. citizenship or lawful alien status.
3. A copy of your U.S. military service papers if you served before 1968.
4. A copy of your W-2 and/or self-employment tax return for last year.

More details about the information you need to apply for Social Security is available online for your convenience.  

What Happens After You Apply for Social Security?

After you submit your application, the Social Security Administration will review it. Their decision could take up to six weeks. However, 83% of applicants received their first payments on time, or within two weeks of applying. 

Once your application is processed, you’ll receive a letter in the mail with their decision and more details. Then, you’ll receive your first payment in the month after the one you selected on your application.