Find the checklist that fits your situation
You may have heard me talk about Social Security during a webinar, workshop, or podcast. Or you might be an avid reader of my Social Security articles. I hope you do both! Even if not, those who are 50 or 55 and older are thinking about Social Security. And those in their 60s are feeling like they are ready to claim Social Security.
I hear a lot of Social Security questions these days: Will it really be there? Is it ok if I claim at 62 or 65? Can I claim now but my husband can keep working and wait to claim? (I don’t know who would think about that last question…Wink. Wink.)
There are a surprising number of steps we all need to take when we’re ready to claim Social Security. But which steps you’ll take may well be different from your brother or sister or best friend.
Before you even think about claiming Social Security…
…it is critical you have a comprehensive retirement income plan completely mapped out. It turns out, when to claim Social Security is one of the most important financial decisions you’ll ever make. You are making a major financial decision in your early-to-mid-60s that will last for decades. It is a really big deal.
There are two big steps common to all of us before we claim Social Security. The first is to spend time on your plan. At the very latest, you’ll want to map out a solid plan for income by age 60. Lots of near retirees think seriously if they can claim Social Security at 62.
Spoiler alert: it is rarely a good decision. But in certain very specific situations, it may be the best decision for a particular person.
So, running several planning scenarios by age 60 to see the interconnection of your financial decisions is a must do. Once you know the ideal date to claim Social Security, the second step is to claim.
Determining your claiming category
The steps to claim Social Security are super easy and straightforward for some people. And, quite complex for others. Your specific situation will depend on your journey through life and your career. Along with your marital status at the point you are claiming.
You may recall from an earlier blog post, Social Security Claiming Categories, that there are four “claiming categories.” The Social Security Administration uses only four when calculating everyone’s benefits. You will be in one or more of these categories:
- an individual worker,
- a spouse,
- an ex-spouse, or
- a surviving spouse.
If you fall into multiple categories, you will receive only one benefit when you claim. It will be the highest of your benefits. You do not get to choose. Social Security will compare your options and determine your highest benefit.
How to claim Social Security
Most individuals and spouses can claim directly on the SSA.gov website. The process is simple and straightforward. And takes about 10 minutes to complete. But before you can apply online, you will need to set up your mySocialSecurity account. After you submit your request to claim Social Security, the Social Security Administration (SSA) will contact you by mail. Yes, the old-fashioned kind of mail.
Make sure to set up a file and keep all correspondence from the SSA during your retirement. It’s amazing how often you will need to refer to something you received in the mail.
One common step for everyone applying for Social Security
The SSA continually improves their website. You can find a tremendous amount of information if you want to look up more about your specific situation. The one step everyone should take before trying to claim Social Security is to set up your secure, personal account.
While this should be easy, it’s intentionally serious and security is tight. It’s easy to get tripped up. And locked out. So, take your time to read the information and follow the instructions carefully.
You’ll start at the “mySocialSecurity account” to set up your account. Once you are successful, you can find your most recent statement, your full earnings history, and fact sheets for your age. There are graphs and other information about your career and earnings journey.
And you’ll be all set to file for your retirement benefits.
Of course, if you already have an account, just sign. (Hope you remember your user ID and password! That’s usually where I get stuck.)
Find the checklist that fits your claiming category
There are other steps and valuable information you’ll want to know about before attempting to claim Social Security. Find the detailed checklist that fits your situation below. You can choose from the following:
- Married couples
- Divorced individuals
- Widow(er)s
- Surviving spouses with minor children
- Ex-spouses when the ex dies
- Single individuals
Social Security checklist for married couples
Getting the claiming strategy just right between spouses takes some time and effort. It’s easy to think about the early years of benefits. But it’s more important to consider the impact on the surviving spouse in later years. Click here for the checklist.
Note for all married couples: If you are legally married, the spousal options apply to you. For same-sex or opposite-sex married couples, the rules are the same. When it comes to Social Security, married is married.
Checklist for divorced individuals
Many divorced people are surprised to learn they might get a higher benefit by claiming on their ex-spouse. It is possible, generally for the lower-earning ex. There are lots of rigid rules you must follow. But you may find a larger monthly benefit that you knew about.
Review this detailed checklist to see if you meet all the rules for claiming as an ex. The maximum benefit is half of your ex’s calculated benefit at their Full Retirement Age. To get the max, you must be at your own FRA. Click here for the checklist.
Checklists for widows or widowers
Protecting survivors is a critical piece of Social Security. But it is layered with nuances and process that most agents don’t even understand.
If you are a surviving wife or surviving husband and have no minor children at this time, use this checklist.
Checklists for surviving spouses with minor children
One of the most misunderstood parts of Social Security is what happens if your spouse dies young. If you are now raising young children, you and the children may be able to collect benefits. Difficult as it may be, you will want to first discuss your options with a knowledgeable Social Security expert. Then call or meet with the SSA to start your benefits.
If you are a young widow or widower with minor children in your care, use this checklist.
Checklist for ex-spouses who are often entitled to survivor benefits
Were you were married for 10 years or longer, now divorced, and unmarried? If so, you may be eligible for higher benefits if your ex dies before you. There are several rules you must meet to be eligible for ex-spousal survivor benefits. But, if you do, and you are the surviving ex, use this checklist.
Checklist for single individuals
Use this checklist to start your Social Security process if you will be claiming as an individual worker.
Additional resources
Figuring out when to claim Social Security is one thing. Pushing the button to claim is generally an irrevocable decision. And a really big financial decision.
For much more information about claiming Social Security, pick up a copy of my book, What’s the Deal with Social Security for Women. There are lots of examples and information you’ll find helpful.
You may also find it fun to test your knowledge with a Social Security quiz. Just click on this link: Take the Social Security Quiz
If you are concerned about the stability and solvency of this critical source of retirement income, I invite you to read: When Is Social Security going bankrupt?
Please feel free to contact me with any questions you have about your Social Security planning. I’ll try to help you make the best decision possible.
