Retirement Planning Tips

Alright, so you have already reached plus 60 and you still have no idea or image of a life after retirement! Well, that is not good. You need to take serious considerations for retirement, as you once did, before starting a career. Isn’t life all about living comfortably and happily?
A retirement can make your post – job life, either very leisurely or very problematic, which totally depends on the way you have planned things for yourself. So if you haven’t planned anything yet, it’s time you start doing it, and if you have some ideas in your mind, then you can incorporate our ideas into yours, and plan for a hassle free, comfortable and independent post – retirement age.
Some retirement planning tips to be considered are:
1. The first and most important tip would be, “save”. Yes this is the word you need to keep in mind for a comfortable old age. Start saving from a younger age, so that by retirement, you won’t have any issues.
2. Investing is another good option, on that note. Your money is saved in a very productive way by proper and reliable investments.
3. It is very important to keep a track on what you require in life, what is your lifestyle that you would want to maintain or how much you will need to spend on that. All these need to be taken into account for your retirement planning.
4. Cooperate with your employer if they have Retirement Savings Plan for you all. This is something for your benefit itself, and indeed a best kind of saving which will make your future secure. You get various benefits from this plan, like tax deductions, equal contribution from employers and so on.
5. A Retirement Savings Plan, that a company’s offering, is a serious matter, and you need to make sure if it is benefiting you in all the measures. Get complete information about these plans, before consenting to them.
6. Lot of Social Security Plans are available for elderly people. You can check them out and calculate the amount of benefit that these organizations can provide.
7. You can set an age bar for yourself to work and retire, that will give your planning a perfect finishing, for say, how much and for how long you need to save , while you are still earning.
8. You can plan for a relocation, to a place which will be low on cost of living, and such place are usually more peaceful as well, so consider this option as a helpful and merry one.
9. You can plan to tighten your budget, from young age itself, as it will help you save for the future and will also enable you to have a post retirement life, free of unnecessary expenses.
10. Seeking professional help has always been a great way to draw proper results for anything. You can consult the Financial Advisors or Consultants, for retirement related queries, investments and saving plans, so that you can organize a healthy and happy life for yourself, post retirement.

Best Retirement Plan Companies

Saving for life after work is a big deal, so it is natural that you will search out the best retirement plans companies around. The number of retirees is growing exponentially thanks to the Baby Boom and organizations of all kinds are attempting to grab market share by devising ways to provide retirement planning services. With the airwaves being flooded with commercials and conflicting reports in print media, how can you tell which one to choose? The simplest answer is to consult with a trusted financial planner, someone who will take the time to understand your goals and plans, then make recommendations to help bring those dreams to life. If you want to get some ideas before you meet with a professional, the following companies all have good reputations:

T. Rowe Price

Based on the sheer variety of plans available, T. Rowe Price is a popular choice for those who are close to retirement and those who have a few decades to go. Whether you are three years out and looking to make a target-date fund to solidify your portfolio or have a little bit more room to maneuver, you will have access to personal advice to secure your future.

Fidelity

Individuals who have a better understanding of how the stock market works, but don’t want to fly without a safety net will find the resources at Fidelity more to their liking. Much like T. Rowe Price, this is a larger financial services company with a decades-long history of providing the full range of banking services for customers of all kinds. You will have access to advisors, as well as the ability to make adjustments to your risk profile or even trade shares online.

Scottrade

If you are looking for a hands-on approach to your investments and are internet-savvy, then Scottrade may be the company for you. Designed as an entry to the market for those with lower starting assets, this organization has grown quickly over the last decade as a center for trading online. Though there are some professionals who can provide guidance on your options, the programs are generally set up to be managed day-to-day by the investor themselves.

Decimal

Are you self-employed? Wondering how to create a retirement account similar to a large corporation? Decimal provides specialized 401(k) plans and Roth IRAs for sole proprietorships, partnerships, and corporations whose owners are the only employees. It serves a small market segment, but Boomers with an entrepreneurial mindset will enjoy the ability to develop an investment portfolio in line with the average worker at a big company.

These are just a few of the many choices you have when it comes to investing your hard-earned dollars, which is why it’s important to do some research on your own. Check with reputable resources, like Consumer Reports or other watchdog groups, while asking around amongst your friends and family. Find out what people like and don’t, as well as how helpful the individual agents are. You’ll be surprised how far a few questions will get you, and how much safer the financial aspect of your golden years will be.

Figuring Out What Retirement Locations You Prefer?

There are a lot of questions you will have to answer by your last day of work. You will have to set up pay outs from your investment portfolio, adjust your lifestyle, and maybe even plan a long vacation to celebrate. Another major issue that might come up along the way is where you’ll live. You may have taken it for granted you’d be staying put, but there are all sorts of attractive retirement locations out there. Would you prefer to continue living in your current home? Do you have an itch to explore somewhere else with your newfound free time? Here are four factors you must consider when thinking about where to spend your golden years:
Proximity to Family and Friends
Have your children stayed close to home? Do you meet regularly with a close-knit social group? Deciding to pick up and go somewhere else will affect your ability to see them, obviously. Coordinating travel for holidays can be expensive and time consuming, but advancements in Internet technology have made it much easier to connect using video in real time. Of course, if you’re at the head of one of the quickly-growing number of families that’s spread out across the country, chances are you are already taking advantage of it.
Big City or Small Town
After spending a lifetime in one place, you might feel like partaking in a different kind of cultural experience. Perhaps the hustle and bustle of a major metropolitan area has left you yearning for some peace and quiet in a more rural area. Maybe you’re in the mood for the opposite: touring museums and seeing plays in a cosmopolitan city instead of the routine calm in a peaceful town. Be aware of the differences in property taxes and housing costs. Some states have lower property taxes than others and, in larger population centers, the law of supply and demand leads to higher prices. If you opt to leap into a larger pond, make sure your retirement planning has prepared you appropriately for the financial differences.
Employment Opportunities
If there’s a chance you would like to keep working part-time, it might benefit you to do some research about the job market for retirees. As Baby Boomers near retirement age, there is bound to be a shortage of workers, so you might find a part-time position available to supplement your income and keep you socially active. That said, you might find a means to build up a business out of your home wherever you go – the Internet has led to a wide range of possibilities for those willing to put forth the effort.
Quality of Healthcare Facilities
When you’re sick – or if you have a condition requiring specialized care – you want to make sure you can get access to the best services possible. As you weigh the different options you are bound to come across, consider the availability of top-notch medical staff in the area. Though it may be appealing to become an expatriate living near the beach in Costa Rica, it might be a challenge to get access to prescription medications in a timely manner.

What You Must Know About Pension Plans

If you are in the workforce today, the chances you have a defined benefit pension plans are pretty slim. Outside of a few industries with active union membership, most corporations have done way with them as part of cost-cutting measures. Of those who lucky enough to have one, a recent study by Fidelity Investments found 71% of the individuals polled were unaware of the major details – they were unable to answer questions about simple things like when payments begin. If a pension is part of your retirement planning, here are a few keys to understand:
Vesting Schedule
Pensions were originally intended, at least in part, to reward employee loyalty. In order to incentivize the benefit, employers created a timeline by which these accounts would “mature” to the full amount. If, for example, you become eligible for vesting after five years with the company, over the next five years you might have accrued 10% of the maximum allowed by the IRS. Five years after that, you might be up to 20%, and so on until the contribution limits are reached. This value cannot be taken from you, even if you were to leave the company – the account will be frozen until you reach retirement age.
Payment Calendar
Most defined benefit plans pay out in equal amounts on a periodic basis until the annuity is exhausted, but you have options as to how often the disbursements arrive. You can decide on monthly, quarterly or annual checks based on your preference and the balances you will receive from other parts of your investment portfolio. (Some even permit a one-time payment at retirement. Though you might choose to hold off on receiving them for a while if the stock market is flying high, you will have to make a decision by age 70 or April 1 of the year following your retirement, whichever is later.
Estate Planning
In the event you pass on before the end of your pension annuity, the plan will set aside options to ensure your spouse is able to claim at least a portion of the amount you’ve accrued. Depending on the way your benefits are structured, particularly if you chose the joint/survivor option, it’s possible to continue the payment calendar with a minimum of 50% of the periodic disbursement and ensure your loved one is provided for when you’re gone.

Is Spending Time After Retirement Becoming Tough?

One of the most wonderful things about Retirement Planning is managing the free time to pursue interests of all sorts. After years of dedicating hour after hour and week after week to someone else, filling days with activities centered on ourselves can be a little intimidating. Sure, sleeping later and having a leisurely breakfast are much better than rushing out the door with a cup of coffee and piece of toast in hand, but what about the rest of the day? With research mounting about the benefits of socializing and continuing to challenge the brains as we age, finding Different Hobbies for Seniors is a great way for seniors to thrive during their golden years. Whether you’re in the mood for physical activity or mental stimulation, here are some favorite pastimes to try:
Gardening
What can be better than an afternoon in the sunshine? Fresh air and a light sweat can be had as you go about creating a masterpiece of natural colors. Take the opportunity to engage your creative side and plan out your design ahead of time, then place a variety of bushes and blossoms in the right spots to make your yard a bright haven for reading or entertaining family and friends.
Scrapbooking
This has become popular across generations in recent years, as it allows people to put an artistic spin on memories for all sorts of events – vacations, weddings, etc. A scrapbook allows you to tell a story through photos and written passages, making it a great way to gather with children or grandchildren to share your past as you put pages together.
Hiking
A fresh take on walking, you’re likely to find groups that schedule time to cover the trails of your nearby parks. Exercise is important, and finding reasons to enjoy it beyond simply taking as many steps as possible will keep you coming back for more. No matter if you live near the woods or in an urban jungle, you are likely to encounter new sights in your own back yard.
Photography
With the price of digital cameras dropping all the time, it’s a great time to allow your inner shutterbug to fly. Advances in technology make it possible for almost anyone to snap a postcard-perfect shot. If you’d like to develop the skill, many local community colleges and senior centers offer classes geared specifically for retirees on proper technique and even using editing software to get the most out of your photos.
Genealogy
There comes a point when we all begin to wonder where we came from and, if you’re interested in family history, this is a great time to seek out information. Vast amounts of public records have become available on the internet, allowing details to be found in all corners of the globe. If computers aren’t your thing, visit your local library and you might find some help or even a short course to get you up to speed. Before long, you’ll be connecting the dots between long lost branches of your family tree.
Music
Though some might say it seems like an odd time to pick up an instrument, you will have plenty of time (and the willingness!) to practice at the one of your choice. Playing the piano, for instance, requires a fair amount of mental and physical dexterity, making it a great way to engage different parts of your brain than you’re used to.

Have A Glimpse Of 9 Best Movies Before Planning For One

There can be little argument Hollywood is fascinated by youth. Every year, it seems, another twentysomething actress comes on the scene as the next big thing only to be eclipsed in twelve months by another doe-eyed beauty. Filmmakers have come to rely more on technology and explosions than great writing and piercing dialogue, but that doesn’t change the fact a good story captures the imagination while creating laughs and romance. The next time you feel like making popcorn and parking on the couch for an evening, here are nine great  Movies For Seniors:

  1. Grumpy Old Men/Grumpier Old Men:
    A classic comedy starring Walter Matthau and Jack Lemmon, this pair of movies is the rare instance of a sequel that’s as good as the original. The stories center around two lifelong neighbors who have competed since childhood. After decades, the battle is taken to new heights when a beautiful woman buys the house across the street.
  2. The Bucket List:
    Morgan Freeman and Jack Nicholson star in this funny and heartwarming tale of two terminally ill men that sneak out of a cancer hospital to live out all their wildest dreams. Along the way, they form an unlikely friendship and share in the deep joy of fulfilling long-held wishes.
  3. Driving Miss Daisy:
    The Oscar-winning tale of the evolving relationship between a Jewish woman and her African-American driver over several decades is highly-regarded as timeless for both stage and cinema. Set in the South, it is a heartwarming tale of time (and more than a little charm) bridging the gap created by great social differences.
  4. Up:
    When we think of animated movies, sappy stories with talking animals grownups grumble through come to mind. That’s not the case here! This is the tale of Carl Fredrickson, an elderly man determined to visit a Lost Land in South America. Just when he’s about to go to a retirement home, he ties hundreds of balloons to his house and floats away to adventure.
  5. Calendar Girls:
    This British comedy tells the story of Chris and Annie, two members of a small women’s group in the English countryside. After Annie’s husband dies from leukemia, Chris decides to up the stakes in the annual calendar by proposing everyone pose nude in order to raise funds for a memorial at the local hospital. The media gets wind of it, then it gets out of hand from there.
  6. Something’s Gotta Give:
    Another feature offering Jack Nicholson, this film centers around a wealthy music executive who begins to reconsider his penchant for younger women after a heart attack at the home of his girlfriend’s mother, played by Diane Keaton.
  7. The Notebook:
    A classic love story, this movie appeals to romantics in all generations. Despite being from distinctly different rungs on the economic ladder, the poverty-stricken boy brings new life to the privileged young woman. Will she choose to follow her family’s orders or follow her heart?
  8. Unforgiven:
    Fans of the Western will want to make time for this one. Clint Eastwood plays a retired gunslinger hired to avenge the brutal murder of a young woman. Calling in one of his old friends and saddling up beside a new pistoleer, he pursues the killers as the line between hero and villain gets hazy.

If you are still doing your Retirement Planning then add these to your list as well.

Dream To Become Cash Rich And Financially Stable?

A Defined Benefit Retirement Plan is an ideal option to make you cash rich and financially stable even after you have retired from service. It is a unique form of retirement plan and is mostly sponsored by the employer. By being enrolled under the defined benefit retirement plan, you can enjoy additional funds and also a number of tax benefits.
In case of these types of plans, the benefits of the employees are based according to a calculation which takes in account various important factors and attributes such as the history of your salary and income, the tenure of our employment and other major things. In case of the plans, the management of the portfolio and the risks associated with investments are completely under the company’s control. In some states, these plans are also sometimes referred to as non-qualified benefit plans or qualified benefit plans.
There are plenty of defined benefit retirement plans that are available in the market. For getting the best deals, you need to choose the right one that is applicable for your investments. Even if you enroll into these plans and opt for early retirement, you can get good benefits. Another advantage of the plans is that you can enjoy tax benefits and exemptions. Only after you withdraw money from the account, you are liable to the tax rates. The benefits that you get are also not dependant on the returns of the assets.
There are certain other features of the defined benefit plans which make them preferred by the retirees. Even if you are covered under the defined plans, you can easily have other types of retirement accounts. You can own a business that can be of any size and need to file a form 5500 with a Schedule B on a yearly basis.
Compared to other Retirement Planning, the administration costs in these types of plans are more. However, considering the predictable amount of the benefits in a short period of time, the extra money that you pay is worth. If the minimum requirement of contribution is not fulfilled, you need to pay an excise tax. At times, loans are also permitted under the plan.

AARP Position on Social Security Reform Uncertain

Confusion reigns after The Wall Street Journal reported a major policy shift from the American Association for Retired Persons (AARP) on Friday, June 17th.  The country’s most powerful lobbying group for older citizens, long opposed to cuts in Social Security benefits, is now willing to admit the time has come.  According to John Rother, AARP head of policy, “The ship was sailing.  I wanted to be at the wheel when that happens.”
Opposition amongst membership began almost immediately, prompting AARP CEO A. Barry Rand to issue a statement later in the day against “inaccurate media stories” and “misleading characterization.”  He went on to say AARP is “currently fighting some proposals in Washington to cut Social Security.”  Though the program has long been known to be running out of time – funding reserves are estimated to disappear in 2036 – Rand reiterated, “Social Security should not be used as piggy bank to solve the nation’s deficit.”
Despite the statement, the change is said to have been approved by the organization’s board of directors.  Evidence mounted as the group declined to join Strengthen Social Security, a group of 300-plus lobbying groups created to fight benefit cuts.  Rand made it clear “any changes would be phased in slowly, over time” before going on to mention opposition to certain key issues is just as strong now as it was when the group took a stand against them in 2005.
“They are completely at odds with their membership,” said Nancy Altman, Strengthen Social Security co-chair.  She noted AARP’s change would definitely carry weight in the Capitol, though perhaps at the expense of those it represents.
“I think they’re going to get burned,” said her fellow co-chair, Eric Kingson.
The AARP position shift is said to have limits, particularly with respect to ending the program for affluent beneficiaries.  In addition, it has proposed tax increases to make the program financially stable again, meaning it will have no part in being used for national debt reduction.  (Funding comes from outside the federal budget, so it doesn’t contribute to the deficit, either.)
The Obama administration is said to be looking to raise the retirement age and lower the index for annual cost of living benefit increases as part of a deal.  These cuts would be offset by higher taxes on the wealthy, a move to improve revenue and create better long-term stability for the program.
“Social Security should be strengthened to provide adequate benefits and…sufficiently financed to ensure solvency with a stable trust fund for the next 75 years,” Rand asserted in the statement.  Both Republican and Democratic representatives believe that minimum standard for solvency can be achieved by collecting more taxes and paying fewer benefits.
AARP has planned dozens of town-hall meetings across the country to explain the problem and possible answers, but selling the policy move to members will be difficult.  According to a February poll from The Wall Street Journal and NBC News, resistance to cuts of any kind is high: 84% of Americans 65 and older oppose them.  The group will be mindful of the larger ramifications, too.  It lost 300,000 members after endorsing President Obama’s health-care law, which reduced Medicare by $500 million.

Confusion reigns after The Wall Street Journal reported a major policy shift from the American Association for Retired Persons (AARP) on Friday, June 17th.  The country’s most powerful lobbying group for older citizens, long opposed to cuts in Social Security benefits, is now willing to admit the time has come.  According to John Rother, AARP head of policy, “The ship was sailing.  I wanted to be at the wheel when that happens.”
Opposition amongst membership began almost immediately, prompting AARP CEO A. Barry Rand to issue a statement later in the day against “inaccurate media stories” and “misleading characterization.”  He went on to say AARP is “currently fighting some proposals in Washington to cut Social Security.”  Though the program has long been known to be running out of time – funding reserves are estimated to disappear in 2036 – Rand reiterated, “Social Security should not be used as piggy bank to solve the nation’s deficit.”
Despite the statement, the change is said to have been approved by the organization’s board of directors.  Evidence mounted as the group declined to join Strengthen Social Security, a group of 300-plus lobbying groups created to fight benefit cuts.  Rand made it clear “any changes would be phased in slowly, over time” before going on to mention opposition to certain key issues is just as strong now as it was when the group took a stand against them in 2005.
“They are completely at odds with their membership,” said Nancy Altman, Strengthen Social Security co-chair.  She noted AARP’s change would definitely carry weight in the Capitol, though perhaps at the expense of those it represents.
“I think they’re going to get burned,” said her fellow co-chair, Eric Kingson.
The AARP position shift is said to have limits, particularly with respect to ending the program for affluent beneficiaries.  In addition, it has proposed tax increases to make the program financially stable again, meaning it will have no part in being used for national debt reduction.  (Funding comes from outside the federal budget, so it doesn’t contribute to the deficit, either.)
The Obama administration is said to be looking to raise the retirement age and lower the index for annual cost of living benefit increases as part of a deal.  These cuts would be offset by higher taxes on the wealthy, a move to improve revenue and create better long-term stability for the program.
“Social Security should be strengthened to provide adequate benefits and…sufficiently financed to ensure solvency with a stable trust fund for the next 75 years,” Rand asserted in the statement.  Both Republican and Democratic representatives believe that minimum standard for solvency can be achieved by collecting more taxes and paying fewer benefits.
AARP has planned dozens of town-hall meetings across the country to explain the problem and possible answers, but selling the policy move to members will be difficult.  According to a February poll from The Wall Street Journal and NBC News, resistance to cuts of any kind is high: 84% of Americans 65 and older oppose them.  The group will be mindful of the larger ramifications, too.  It lost 300,000 members after endorsing President Obama’s health-care law, which reduced Medicare by $500 million.
Having a proper Retirement Planning is a must.

Get To Know The Major Income Source For Retirees

Contribution retirement plans are a major source of income for the retirees and the older adults. More and more aged Americans are opting for these plans to have that financial stability even in the post retirement period. In order to get the best deals out of your retirement plans, you need to have an idea of the various benefits and act accordingly. They can be a very good source of income.
There are a number of retirement contribution plans that you can opt for. They provide you with various benefits and are also tax free. Some of the most preferred contribution retirement plans include:
Individual Retirement Account: It is one of the most preferred retirement accounts that are available in the US. These are really lucrative and you can also enjoy tax exemptions through these. These are also known as IRA accounts and are of various types. Usually, there are two types of IRA accounts: Traditional IRA and Roth IRA. The contributions that you make in the account are tax exempted unless you withdraw the money. If you make withdrawals before the stipulated time period, you have to pay 10 % as penalty and tax rates are also applicable on the amount withdrawn.
401 (k) accounts: 401k plans are also very popular among American retirees. These are defined contribution employer sponsored plans which provide you with long term benefits. Your employer can also provide you with 401k matching contributions. The contributions that you make into your plan are tax deferred as well until you withdraw them. There are various types of 401k plans such as Traditional 401k plans, Roth 401k plans, and Safe Harbor401k plans and so on.
403 (b) plans:Non-profit employers, self employed ministers, public education organizations and other non profit organizations can opt for the 403b plans. The money that is put into the plan is only taxable after one withdraws it. In the present scenario, the 403 (b) plans also include the Roth contributions or after tax contributions. However, unlike other plans, the employer contributions can be withdrawn before you reach the age of 59 ½ years.
In addition to these, there are also some more contribution retirement plans. Some them are 457 plans, SARSEP, Keogh plan and so on. All these plans provide you with good benefits and you can also enjoy tax exemptions.
So opt for some retirement plans and enjoy that secure and financially stable post retirement period.

Contribution Retirement Plans are a major source of income for the retirees and the older adults. More and more aged Americans are opting for these plans to have that financial stability even in the post retirement period. In order to get the best deals out of your retirement plans, you need to have an idea of the various benefits and act accordingly. They can be a very good source of income.

There are a number of retirement contribution plans that you can opt for. They provide you with various benefits and are also tax free. Some of the most preferred contribution retirement plans include:

Individual Retirement Account: It is one of the most preferred retirement accounts that are available in the US. These are really lucrative and you can also enjoy tax exemptions through these. These are also known as IRA accounts and are of various types. Usually, there are two types of IRA accounts: Traditional IRA and Roth IRA. The contributions that you make in the account are tax exempted unless you withdraw the money. If you make withdrawals before the stipulated time period, you have to pay 10 % as penalty and tax rates are also applicable on the amount withdrawn.

401 (k) accounts: 401k plans are also very popular among American retirees. These are defined contribution employer sponsored plans which provide you with long term benefits. Your employer can also provide you with 401k matching contributions. The contributions that you make into your plan are tax deferred as well until you withdraw them. There are various types of 401k plans such as Traditional 401k plans, Roth 401k plans, and Safe Harbor401k plans and so on.

403 (b) plans:Non-profit employers, self employed ministers, public education organizations and other non profit organizations can opt for the 403b plans. The money that is put into the plan is only taxable after one withdraws it. In the present scenario, the 403 (b) plans also include the Roth contributions or after tax contributions. However, unlike other plans, the employer contributions can be withdrawn before you reach the age of 59 ½ years.

In addition to these, there are also some more contribution retirement plans. Some them are 457 plans, SARSEP, Keogh plan and so on. All these plans provide you with good benefits and you can also enjoy tax exemptions.

So always go for some  Retirement Planning and enjoy  secure and financially stable post retirement period.

Things You Need to Know Before Planning Your Retirement

Is Applying For Social Security retirement benefits a nerve wrecking task for you? Do you find yourself running from door to door asking what should be the actual procedure? Well, there’s nothing to worry about and “applying” is the easiest part of all.

Social Security Number or SNN is the most vital number for any working US citizen. Through this program you get all the social protections, which include disability, poverty, unemployment, retirement, old age, and so on. This benefit is given through social insurance, income maintenance, different kinds of services, and of course, as social security benefits. In order to savor the sweetness of these social security fruits, you need applying for social security benefits in a proper way. Though the task may seem tortuous, you will certainly feel glad once checks start arriving.
The first question that must be popping out in your mind is: “how much would I get?” Well, you will get nearly 40% of your earnings to live on post retirement. So, retirement planning needs to be done very carefully as well. In order to be eligible for these benefits, you need to work for at least 10 years. You can start receiving these benefits once you attain the age of 62 years or can wait till 65. However, if you opt for receiving the benefits at the age of 62, the amount will be much less than that of 65. The more you would pay toward tax during the tenure of your employment, the more you will receive as benefits.
While applying for these benefits, you need to submit the things as follows:
Social Security Number
W-2 forms or tax returns (in case you are self-employed)
Birth Certificate (if you are jointly applying with your spouse, then his/her birth certificate as well)
Bank account details
US citizen proof or lawful alien status (if you are not US born)
Military Discharge Papers (in case you have served a term in military service)
Once you have al the necessary papers ready, you can make a call (toll free) to the Social Security Office or can apply online.

Is applying for social security retirement benefits a nerve wrecking task for you? Do you find yourself running from door to door asking what should be the actual procedure? Well, there’s nothing to worry about and “applying” is the easiest part of all.
Social Security Number or SNN is the most vital number for any working US citizen. Through this program you get all the social protections, which include disability, poverty, unemployment, retirement, old age, and so on. This benefit is given through social insurance, income maintenance, different kinds of services, and of course, as social security benefits. In order to savor the sweetness of these social security fruits, you need applying for social security benefits in a proper way. Though the task may seem tortuous, you will certainly feel glad once checks start arriving.
The first question that must be popping out in your mind is: “how much would I get?” Well, you will get nearly 40% of your earnings to live on post retirement. So, Retirement Planning needs to be done very carefully as well. In order to be eligible for these benefits, you need to work for at least 10 years. You can start receiving these benefits once you attain the age of 62 years or can wait till 65. However, if you opt for receiving the benefits at the age of 62, the amount will be much less than that of 65. The more you would pay toward tax during the tenure of your employment, the more you will receive as benefits.
While applying for these benefits, you need to submit the things as follows:

  1. Social Security Number
  2. W-2 forms or tax returns (in case you are self-employed)
  3. Birth Certificate (if you are jointly applying with your spouse, then his/her birth certificate as well)
  4. Bank account details
  5. US citizen proof or lawful alien status (if you are not US born)
  6. Military Discharge Papers (in case you have served a term in military service)

Once you have al the necessary papers ready, you can make a call (toll free) to the Social Security Office or can apply online.