When Should I Retire?
Posted on August 30, 2014 by bob in Social Security
Q: I’ve decided I want to retire. How do I begin?
A: The fastest and easiest way to apply for retirement benefits is to go to www.socialsecurity.gov/applyonline. To use our 
online application to apply for Social Security retirement or spouse’s benefits, you must:
— be at least 61 years and 9 months old;
– want to start your benefits in the next 4 months; and
— live in the United States or one of its commonwealths or territories.
If you are already age 62, your benefits could start as early as this month. If you are almost age 65, your application for benefits will include Medicare. Just visit www.socialsecurity.gov/applyonline.
Q: I’m trying to decide when to retire. Can Social Security help?
A: Deciding when to retire is a personal choice, and you should consider a number of factors, but we can certainly help.
First, take a few minutes and open a my Social Security account at www.socialsecurity.gov/myaccount With a my Social Security account, you can access your Social Security Statement and estimate your retirement benefits at age 62, your full retirement age, and age 70. Also, we have several online calculators that can help you decide when to retire. Our Retirement Estimator gives estimates based on your actual Social Security earnings record. You can use the Retirement Estimator if 1) you currently have enough Social Security credits to qualify for benefits, and 2) you are not:
— currently receiving monthly benefits on your own Social Security record;
— age 62 or older and receiving monthly benefits on another Social Security record; or
— eligible for a pension based on work not covered by Social Security.
You can find our Retirement Estimator at www.socialsecurity.gov/estimator. Also available at www.socialsecurity.gov/planners/benefitcalculators.htm are several other calculators that will show your retirement benefits as well as estimates of your disability and survivor benefit if you become disabled or die. You may want to read or listen to our publication, When To Start Receiving Retirement Benefits, available at www.socialsecurity.gov/pubs.
Q: What can I do at www.socialsecurity.gov?
A: There is a myriad of things you can do at Social Security’s website.
You can conduct most of your Social Security business with our suite of online services at www.socialsecurity.gov/onlineservices. There, you can get an estimate of future benefits, find out if you qualify for benefits now, and even apply for benefits. You can complete a number of other tasks online, too.
You can estimate your retirement benefit using our Retirement Estimator. It allows you to get an instant, personalized estimate of your future benefit based on different retirement ages and scenarios. You can even open your own my Social Security account to plan for and manage your benefits at www.socialsecurity.gov/myaccount.
Just looking for some information about Social Security? Read, print, or listen to one of our many publications. Many of them are in Spanish, and some are in 16 other languages as well. Topics include Social Security cards, the Medicare prescription drug program, and retirement planning. There are so many things you can do at www.socialsecurity.gov.
Q: Is it true that Congress does not have to pay Social Security taxes?
A: No, that urban legend is false.
Members of Congress pay Social Security taxes and are covered by Social Security just like almost everyone else. Prior to 1983, members of Congress did not pay Social Security taxes — but that was because they, like most federal employees, paid into a separate retirement system.
In 1983, all newly hired government employees began paying Social Security taxes. Social Security is not an optional system. Unless exempted by law, everyone working in the United States must pay Social Security taxes on earnings under covered employment. And most people who have retired, become disabled, or lost a supporting loved one are thankful to have that safety net.
For many, it can mean the difference between poverty and a better life. Learn more about the benefits at www.socialsecurity.gov.
Kylle’ McKinney, SSA Public Affairs Specialist, can be reached in Montgomery at 866-593-0914, ext. 26265, or by e-mail at kylle.mckinney@ssa.gov
