Wondering how you can apply for Social Security in New Jersey?
As you approach retirement and consider applying for Social Security benefits, there are several things you’ll need to do. Leonard Financial Solutions can help you navigate this complex system and ensure you get the maximum benefits. At the same time, our financial advisors in NJ educate our clients so that they can take charge of their financial futures and work towards building wealth.
When Can I Apply for Social Security in New Jersey?
You spend the majority of your life putting into Social Security, so when can you see the fruits of your labor? The earliest you can apply for Social Security is 61 years and 9 months, as it can be processed four months before benefits are about to begin. By applying this early, you can get your first payment the month after your 62nd birthday.
However, if you claim your Social Security benefits at age 62, you’ll get up to a 30 percent reduction in your monthly benefits. For every year you delay taking out your benefits (up to age 70), you can get an 8 percent increase, which is why it’s often worth waiting if you can. But this all depends on your health status, longevity and retirement goals.
To determine if it’s the best time to apply for Social Security, contact the top financial advisors from Leonard Financial Solutions. It can be tempting to claim your benefits as soon as you’re eligible, but this may not be the best decision. Remember, your full retirement age is no longer 65. It now ranges from 66 to 67 depending on your birth date.
However, if you claim your Social Security benefits at age 62, you’ll get up to a 30 percent reduction in your monthly benefits. For every year you delay taking out your benefits (up to age 70), you can get an 8 percent increase, which is why it’s often worth waiting if you can. But this all depends on your health status, longevity and retirement goals.
To determine if it’s the best time to apply for Social Security, contact the top financial advisors from Leonard Financial Solutions. It can be tempting to claim your benefits as soon as you’re eligible, but this may not be the best decision. Remember, your full retirement age is no longer 65. It now ranges from 66 to 67 depending on your birth date.
What Documents Do I Need to Apply for Social Security?
You can submit an application online, over the phone or at your local Social Security office. The Social Security Administration uses a formula to determine how much your payments will be. To give you an idea of what this looks like, the calculation looks at your 35 highest earning years and averages the amount earned during this period.
Here are the documents you’ll need to apply for Social Security and start your retirement planning in NJ:
Here are the documents you’ll need to apply for Social Security and start your retirement planning in NJ:
- Social Security card
- Birth certificate
- Proof of U.S. citizenship
- Banking information
- Copy of your military papers
- Copy of your W-2 forms or self-employment tax return
- Marriage, divorce and death certificates
What’s the Easiest Way to Apply for Social Security?
The most convenient way to apply for Social Security benefits is online. The application takes about 10 to 30 minutes to complete, and you can save it at any point for future completion. This same application can also be used to apply for Medicare in New Jersey.
It’s generally recommended to start applying for Social Security benefits four months before you want to receive your monthly payments. To ensure a smooth process, have all of the above documents available. By collecting everything in advance, you’ll know if you need to request certain documents, such as original birth certificates, marriage licenses and tax returns.
It’s generally recommended to start applying for Social Security benefits four months before you want to receive your monthly payments. To ensure a smooth process, have all of the above documents available. By collecting everything in advance, you’ll know if you need to request certain documents, such as original birth certificates, marriage licenses and tax returns.
How Can a Financial Planner in NJ Help this Process?
If you’re looking for guidance in claiming your Social Security benefits, Leonard Financial Solutions is here to help. We can determine when to file for these benefits and how to maximize them for retirement planning. Social Security is often more complicated than people realize. It’s not just about when to take out Social Security - a married couple could have dozens of ways to claim their benefits!
Here are some of the ways that our financial advisors in NJ can assist you:
If you’re thinking about claiming your Social Security benefits, contact Leonard Financial Solutions for assistance. We can give you personalized advice that pertains to your unique situation. Our goal is to help you maximize your Social Security while being able to claim your benefits as soon as possible.
Here are some of the ways that our financial advisors in NJ can assist you:
- Maximize your Social Security benefits. The Social Security Administration doesn’t provide a lot of advice when it comes to maximizing your benefits. They simply instruct you on how to fill out your application. This means that you could be missing out on money.
- Ensure you are making the best choices. With help from our retirement financial services in New Jersey, you will have the opportunity to look over all of your options. It’s important to be confident in your retirement planning.
- Save time and hassle. Social Security can be difficult to navigate. You can save time and money from working with a financial advisor. We’ll look into everything for you - we can even file for your benefits on your behalf.
If you’re thinking about claiming your Social Security benefits, contact Leonard Financial Solutions for assistance. We can give you personalized advice that pertains to your unique situation. Our goal is to help you maximize your Social Security while being able to claim your benefits as soon as possible.