Social Security Tips: How to Receive Social Security Benefits
This is financial advisor Patrick Munro talking about how to receive Social Security Benefits. Social Security of course is a Rite of Passage for a senior citizen. The first opportunity to apply for Social Security occurs when an individual has reached the age of 62. That’s the first time when you can present yourself to the Social Security Administration office in your town and show your date of birth, your Social Security number and your birth certificate. They then validate that you are in fact 62 years of age and approximately two months later, you are in the system to receive a monthly check from the government which is an amount based on your past years of income earning.
If you are able to defer applying for Social Security at age 62, each year you defer the amount that you will receive on your check goes up in value. At 65 in other words, you would receive a longer period of time would pay a larger amount of money for your check. However, with that being said with financial situations, most Americans are not well prepared at that particular age, and they do in fact apply for Social Security and they receive their check. It’s a burden on the government and on the taxpayer; something that we are still working on an active basis. This is Patrick Munro talking about how to receive Social Security.
Watch the video here.
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