Am I automatically enrolled in Social Security? – The crazy fool

Millions of older people receive social security and these benefits allow them to stay financially secure. If you are approaching this step, you may be wondering if your Social Security registration will be automatic or if you need to actively sign up for benefits. The answer is most certainly the last.

You get choices

Unlike Medicare, which starts at age 65, there is more than one age to start collecting social security. You actually have an eight-year window to claim benefits that start at age 62 and end at age 70.

SOURCE OF IMAGE: GETTY IMAGES.

In the middle of this period, you reach the full retirement age, which is the age at which you are entitled to receive your full monthly benefits based on your income history. This age depends on your year of birth, as follows:

DATA SOURCE: ADMINISTRATION OF SOCIAL SECURITY.

The advantage of waiting until the retirement age to take out benefits is that you will not be faced with a reduction in your monthly payments. On the other hand, registering at any previous time will reduce your benefits, probably for life. That said, if you need money sooner, you can register at age 62 and get your hands on this income.

On the other hand, if you do not need your benefits at the end of the retirement age, you have the option to suspend benefits beyond that date. Each year, you accumulate deferred retirement credits that increase your benefits by 8% per year until age 70, when this incentive is exhausted.

What happens if you do not register for social security before the age of 70? Although there is no financial benefit to be expected after the age of 70, again is not automatic at this point. If you do not plan to get benefits before the age of 70, you may lose an income that you have legitimately (keep in mind however that Social Security will pay you up to six months of retroactive benefits.Therefore, if you are not signed at the age of 70, but correct that mistake soon after, you could possibly be satiated).

The problem, anyway, is that the Social Security Administration can not determine when you are ready to receive benefits and therefore can not register automatically. Only you can make this decision.

When should you sign up for Social Security?

The decision to apply to Social Security should be based on a number of factors, including your age, your money requirements and your professional status. You have the right to work and receive benefits at the same time, but if you do it before you reach retirement age, you may see some benefits blocked if your earnings exceed a certain limit.

Another thing to keep in mind is that it may take a while for the Social Security Administration to process your benefit claim. As such, it is useful to sign up a few months before you start collecting these payments. For example, if you plan to wait until age 70 to start receiving benefits, you may want to register at age 69 and 10 months.

Most of the time, registration for benefits is a quick and easy process. You can register online or do it in person at a local social security office if you prefer.