How do I start my social security at age 70? This is a common question among individuals who are approaching the age of retirement. Understanding how to initiate your social security benefits at the age of 70 can help ensure you receive the maximum benefits available to you. In this article, we will explore the steps and considerations you need to take to start your social security benefits at the age of 70.
Starting your social security benefits at age 70 can be a strategic decision, as it allows you to maximize your monthly payments. By delaying your benefits, you can take advantage of the delayed retirement credit, which increases your monthly benefit amount. However, it is important to carefully consider your financial situation and retirement goals before making this decision.
Here are some key steps to help you start your social security at age 70:
1.
Review your Social Security Statement:
Before initiating your social security benefits, it is crucial to review your Social Security Statement. This statement provides you with information about your estimated benefits based on your earnings history. By reviewing this statement, you can understand the benefits you are eligible for and the amount you can expect to receive.
2.
Understand the Delayed Retirement Credit:
The delayed retirement credit is an incentive for individuals to delay receiving their social security benefits until age 70. By doing so, you can increase your monthly benefit amount by a certain percentage each year. It is important to understand the delayed retirement credit and how it can impact your retirement income.
3.
Consider your financial situation:
Before starting your social security benefits at age 70, consider your financial situation and retirement goals. Determine if delaying your benefits will provide you with the necessary income to maintain your desired lifestyle. It is important to weigh the benefits of higher monthly payments against any potential financial risks.
4.
Contact the Social Security Administration:
To initiate your social security benefits at age 70, you will need to contact the Social Security Administration (SSA). You can do this by visiting your local SSA office, calling the toll-free number (1-800-772-1213), or visiting the SSA website. Be prepared to provide your personal information and answer any questions the SSA may have.
5.
Apply for benefits:
Once you have made the decision to start your social security benefits at age 70, you will need to apply for them. You can apply online, by phone, or in person at your local SSA office. The application process may vary depending on your situation, so it is important to follow the instructions provided by the SSA.
6.
Understand the impact on your spouse’s benefits:
If you are married, it is important to understand how starting your social security benefits at age 70 will impact your spouse’s benefits. Your decision to delay your benefits may affect the amount of spousal benefits your spouse is eligible to receive.
In conclusion, starting your social security benefits at age 70 can be a beneficial decision for many individuals. By carefully considering your financial situation, understanding the delayed retirement credit, and following the necessary steps, you can ensure you receive the maximum benefits available to you. Remember to consult with a financial advisor or the SSA if you have any questions or concerns during the process.
