Taking early social security retirement

Taking early social security retirement

What should you do if you would like to take early social security retirement? If you are nearing the age of sixty-two, you should contact your local Social Security office and schedule an interview. It would be best to schedule this interview a couple of months prior to age sixty-two if you wish to file for early retirement.

Once you have your interview scheduled, you will need to obtain a certified copy of your birth record if you do not have one. Remember that Social Security retirement is a benefit which is based on age. If you are a naturalized citizen, you will need to bring a copy of your naturalization papers. Additionally, if you are a legal permanent resident you will need proof of your alien status. Naturally, if you are a permanent resident or naturalized citizen you will also need to provide a certified copy of your birth record.

If there is no record of your birth, you will be informed as to what additional forms of evidence are acceptable proofs of age. Once the Social Security Administration receives the required evidence, they will make an age determination.

When applying for early Social Security retirement, you may want to consider what your current and future work plans may be. All individuals who are working and receiving early social security retirement are bound by yearly earnings limitations. If your earnings are over the yearly limit, this may delay the month you can actually receive a retirement benefit. And Social Security may hold enough checks to adjust for the amount your earnings are over the yearly Social Security earnings limit.

What this really means is that you may take early social security retirement, work, and still receive monthly retirement benefits depending on what your yearly earning are.

It should be pointed out that if you decide to take early social security retirement and if you own your own business or are the head of a corporation (which you or your spouse owns), additional information will be needed to make what is known as a questionable retirement determination.

The Social Security Administration has determined that self-employed individuals or corporate officers may have more control over how their income is reported to the IRS than individuals who work for other persons or businesses. Therefore, you will be required to show your tax records, both personal and business, for the years prior to your filing.

Additionally, you may be required to bring in your tax returns for every year until your full retirement age, if there appears to be a possible "questionable retirement situation".

If you do not want to show all of your tax records or corporate records, you may wish to consider not taking early social security retirement and, instead, wait until your full retirement age before you begin to collect your Social Security retirement benefit. Once an individual has reached full retirement age, Social Security does not care how much the individual earns; therefore there would be no need for a questionable retirement determination.

If you just wish to find out what your Social Security retirement benefit amount might be, or have questions about early retirement or disability, or how work activity affects Social Security retirement, you may contact your local Social Security office or call the toll free Social Security number 1-800-772-1213.

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