Social Security and You: Starting Social Security

Question: I am planning to start my Social Security benefits within the next year. I would like to sit down with someone who can answer my questions about my options. I have worked enough to get my own retirement, but I also qualify as a spouse. I prefer to do this in person. What do you suggest?

Answer: Our representatives can help you explore your options. Give us a call at our toll-free telephone number, 800-772-1213, about three months before the date you think you want your benefits to start. You can set up an appointment to ask all your questions and to file for benefits provided you are at least within three months of age 62.

Your monthly benefit amount can differ substantially based on the type of benefit you receive and the age when you start receiving benefits. If you decide to start benefits before your full retirement age, your benefit will be smaller, but you will receive it for a longer period. On the other hand, if you start benefits at your full retirement age or later, you will receive a larger monthly benefit for a shorter period. The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life.

If you are eligible on another record, you should understand the options that present themselves to you. If you qualify for benefits as a widow, widower or surviving divorced spouse on another record, you may choose to apply for survivors benefits now and delay your retirement benefit until later. If you delay receiving your retirement benefit until your full retirement age or later, your retirement benefit will be higher.

If your spouse is at full retirement age, he or she can apply for retirement benefits and then ask to have payments suspended. That way, you can receive a spouse's benefit, and he or she can continue to earn delayed retirement credits until age 70.

If you have reached your full retirement age and are eligible for a spouse's or ex-spouse's benefit and your own retirement benefit, you may choose to receive only the spouse's benefits. If you do that, you can delay receiving your own retirement benefit until a later date to take advantage of delayed retirement credits.

Q: I enrolled in Medicare around the time that I was turning 65. How do I determine when my Medicare Part B coverage begins?

A: If you enrolled in Medicare at age 65, then you must have signed up during your Initial Enrollment Period (IEP).

The IEP consists of a seven-month period. This begins three months prior to the month of age 65, and it extends three months after the month of age 65.

Your Medicare Part B coverage depends on which month during the IEP you enroll. If you enrolled during the first, second or third months before age 65, then Medicare Part B would be effective the month you turned 65. If you enrolled during the month you turned 65, then it would be effective the month after you turned 65. If you enrolled one month after you turned 65, then it would be effective two months after you enrolled. Lastly, if you enrolled two or three months after you turned 65, then it would be effective the third month after you enrolled.

Since there can be a delay in your Medicare Part B for not signing up as early as possible, a person should contact us during the first three months of the IEP.

Medicare Part A and Part B enrollment is automatic for people who already are receiving Social Security benefits when they turn 65. Those people who are not receiving benefits at age 65 must contact Social Security to enroll in Medicare during their IEP.

Source: http://www.mysanantonio.com/business/business_columnists/social_security_and_you/article/Social-Security-and-You-Starting-Social-Security-2264348.php