Want to Retire in 2012? Apply Now!

Over the last three articles, retirement planning using Social Security’s online tools was covered, and now it may be time to act on your decision. If you plan to start receiving your Social Security retirement benefits in January of 2012? We recommend you apply this now if you would like your benefits to begin in January. In addition, if the prospect of traveling to an office does not appeal to you, then save yourself a trip and consider the advantages of applying online for Social Security retirement benefits. The Social Security website at www.socialsecurity.gov makes the process easy and convenient.

In most cases, once you submit your online application electronically, that’s it. There are no additional forms to sign or paperwork to complete. In rare cases where we need additional information, a representative will contact you. You can complete your application for retirement benefits from the comfort of your home or office in as little as 15 minutes. Then you can celebrate 2012 by receiving your first Social Security payment on time.

If you are not quite ready to retire but are thinking about doing so in the near future, you may want to visit Social Security’s website to use our convenient and informative retirement planner at www.socialsecurity.gov/retire2. Here you can find out just how close you are to meeting your financial goals and then “bookmark” the website to file for retirement benefits whenever you are ready. With this in mind, here are two questions often asked:

Question #1: Will my benefits increase if I wait and retire after my full retirement age?

Answer: Yes, you can increase your Social Security benefit in two ways:
• Your benefit will be increased by a certain percentage if you delay retirement. We will add these increases automatically from the time you reach full retirement age until you start taking benefits or reach age 70; and
• If you work, each additional year you work adds another year of earnings to your Social Security record. Higher lifetime earnings may result in higher benefits when you do retire.

Question #2: I have children at home and I plan to retire soon. Will my children be eligible for monthly Social Security payments after I retire?

Answer: They will get monthly Social Security payments if they are:
• Unmarried and under age 18 (age 19 if still in high school); or
• Age 18 or over, and became severely disabled before age 22 and continue to be disabled.
This applies to either biological and adopted children as well as dependent stepchildren or grandchildren. For more information read our online publication, Benefits for Children, at www.socialsecurity.gov/pubs/10085.html.

We encourage people at any stage in their working career to use the Retirement Estimator for a instant, personalized estimate of future retirement benefits. Find it at www.socialsecurity.gov/estimator. Remember that you’re always first in line when you go online, to www.socialsecurity.gov.

Source: http://triblocal.com/palos-heights/community/stories/2011/11/want-to-retire-in-2012-apply-now/