Last week we talked about saving for retirement. Most people are aware that you need to save for retirement. However, it is a topic that is easy to brush aside to a later date. Although the subject is important, often times, it doesn’t seem too urgent right now. But the longer you put off some basic retirement planning, the harder it will be to catch up later.
A key component of retirement planning is Social Security. An easy and convenient way to do Social Security planning is right from the comfort of your home or office computer. You may save time by going online to take care of everyday tasks, such as shopping online to avoid going to crowded malls or stores or paying bills and checking account balances online to save a trip to the bank. You can do the same with Social Security business, too. You should be able to save a lot of time by visiting HYPERLINK “http://www.socialsecurity.gov” www.socialsecurity.gov.
At the Social Security website, you can handle much of your Social Security business quickly, securely and privately. You can:
Create a my Social Security account for quick access to your information.
Get an instant, personalized estimate of your future Social Security benefits.
Apply for retirement, disability, spouse’s, and Medicare benefits.
Check the status of your benefit application.
Change your address and phone number, if you receive monthly Social Security benefits.
Sign-up for direct deposit of Social Security benefits.
Use benefit planners to help you better understand your Social Security options as you plan for your financial future.
Request a replacement Medicare card.
Apply for Extra Help with your Medicare prescription drug costs.
At HYPERLINK “http://www.socialsecurity.gov” www.socialsecurity.gov, you can apply for retirement benefits in as little as 15 minutes. In most cases, there are no forms to sign or documents to send; once you submit your electronic application, that’s it! Be sure to have your bank account information handy so you can set up your Social Security payments to be deposited directly into your account.
Your age when you start to receive Social Security makes a difference in your benefit amount. The full retirement age (the age at which 100% of retirement benefits are payable) has been gradually rising from age 65 to age 67. You can retire as early as age 62, but if benefits start before you reach your full retirement age, your monthly payment is reduced. Find out what your full retirement age is by typing in your year of birth at HYPERLINK “http://www.socialsecurity.gov/pubs/ageincrease.htm” www.socialsecurity.gov/pubs/ageincrease.htm.
You also can choose to keep working beyond your full retirement age to take advantage of a larger payment. Your benefit will increase automatically each year from the time you reach your full retirement age, until you start receiving your benefits or until you reach age 70. The decision of when to retire is personal and depends on a number of factors. To help, you can read Social Security’s online fact sheet, When To Start Receiving Retirement Benefits, available at HYPERLINK “http://www.socialsecurity.gov/pubs/10147.html” www.socialsecurity.gov/pubs/10147.html.
You may want to consider your options by using the Retirement Estimator to get instant, personalized estimates of future benefits. You can plug in different retirement ages and scenarios to help you make a more informed retirement decision. Try it out at HYPERLINK “http://www.socialsecurity.gov/estimator” www.socialsecurity.gov/estimator.
You may also want to take advantage of Social Security’s latest and extremely popular service by setting up an online my Social Security account. You can use my Social Security to obtain a copy of your Social Security Statement to check your earnings record and see estimates of the retirement, disability, and survivor benefits you and your family may receive. Visit HYPERLINK “http://www.socialsecurity.gov/myaccount” www.socialsecurity.gov/myaccount.
Another great website for financial planning, whether for retirement or other financial goals, can be found at HYPERLINK “http://www.mymoney.gov” www.mymoney.gov. The website features information about how to plan for a host of life events, such as the birth or adoption of a child, home ownership, or retirement. The site also provides money management tools, including a financial savings calculator.
To learn more about Social Security retirement benefits and options, please read Social Security’s publication, Retirement Benefits, at HYPERLINK “http://www.socialsecurity.gov/pubs/10035.html” www.socialsecurity.gov/pubs/10035.html.
Looking for more Social Security information? Go online to find out almost anything you need to know about the Social Security program. Information is available on subjects ranging from how to get a Social Security number for a newborn to returning back to work while receiving disability benefits.
If you do not have or do not know how to use a computer, you can reach Social Security by phone. You can call them toll-free at HYPERLINK “tel:+1-800-772-1213” 1-800-772-1213. They treat all calls confidentially. They can answer specific questions from 7 a.m. to 7 p.m., Monday through Friday. Generally, you’ll have a shorter wait time if you call during the week after Tuesday. Social Security also provides information by automated phone service 24 hours a day. You can use the automated response system to report a new address or request a replacement Medicare card. If you are deaf or hard of hearing, you can call Social Security’s TTY number, HYPERLINK “tel:+1-800-325-0778” 1-800-325-0778.
If you do not do computers and do not like talking on the phone, you can still see and talk to a live body by visiting the Social Security office nearest you. The local office in the Port Huron area is at 2620 Krafft Road, about ¼ mile east of M-25 in Fort Gratiot. Their office hours are weekdays 9:00 a.m. to 3:00 p.m., except Wednesday. Wednesday office hours are 9:00 a.m. to 12:00 p.m.
As part of their educational outreach program, Social Security makes speakers available to talk about Social Security to the public. If your group or organization would like someone for a program to discuss Social Security, give your local office a call. In the Port Huron area, you would contact Daniel Bowman in the Fort Gratiot office at 877-895-0042.
No matter how you choose to contact Social Security, they are there to assist you. Give the website a try. By using all the tools at your disposal, you are better able to retire on your own terms.
By: Matthew M. Wallace, CPA, JD
Published edited March 24, 2013 in The Times Herald newspaper, Port Huron, Michigan as: Planning retirement with Social Security