Applying for Social Security Benefits

Social Security benefits are an important part of your anticipated retirement income. Fortunately, applying for your Social Security benefits is really simple. The Social Security Administration's (SSA's) web site allows you to submit your application through the Internet.

Financial Calculators Lest you think that Social Security benefits aren't that important, think again. To see the impact that losing such benefits will have on your retirement, use this How Important Is Social Security? Calculator.

If you are squeamish about sending your personal information over the web, you can call the SSA directly at 1-800-325-0778 and make arrangements for your application to be taken over the telephone. You can also apply in person at your local SSA office. However, these methods are likely to be far more difficult and time-consuming that the online method.

Tip Although the earliest you can start receiving Social Security retirement benefits is age 62 , you can actually apply for them if you are at least 61 years and 9 months old. That's because there is a three-month lag between the time you apply for benefits and the time you start receiving them. So, don't forget to apply for Social Security benefits three months before your planned retirement date. Otherwise, your initial retirement budget will be short several thousand dollars (that you will need to somehow make up elsewhere).