Claiming Social Security in June? 3 Things You Must Do First
Key Points
Figure out if your filing age will result in reduced benefits.
Make sure your earnings record is accurate.
Talk to your spouse so you can sync up on claiming strategies.
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Filing for Social Security is a major milestone. And after many years of paying into the program, you deserve to start collecting those monthly benefits.
But before you file for Social Security in June, it's important to tackle a few key tasks. Doing these three things could help you claim benefits more confidently.
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1. Figure out if you'll be looking at reduced benefits
You can claim Social Security as early as age 62, but doing so will reduce your monthly benefits permanently. If you were born in 1960 or later, you won't be eligible for your retirement benefits without a reduction until age 67, which is your full retirement age.
In some cases, filing for benefits before full retirement age makes sense. But if you're planning to do that, run the numbers to see what sort of reduction you may be looking at.
You'll want to make sure your smaller monthly checks don't upend your retirement plans. You can use this Social Security tool to figure out the percentage your benefits may be reduced by based on your date of birth and filing age.
2. Check your earnings record for mistakes
Your monthly Social Security benefits are based on your highest 35 years of earnings. If your earnings history contains errors, your monthly benefits could end up lower than they should be.
That's why it's important to check your earnings statements for errors. You can access them by creating an account on SSA.gov.
If you spot a mistake, gather supporting documents such as W-2 forms, tax returns, or pay stubs, and contact the Social Security Administration to request a correction. It's a good idea to fix these problems before benefits begin rather than wait until after you start collecting those checks.
3. Talk to your spouse
If you're married, your Social Security claiming decision could have an impact on your spouse, particularly if you're the higher earner in your household. If that's the case and your spouse outlives you, they'll generally be entitled to survivor benefits equal to the monthly benefits you collected. So if you reduce those checks by filing early, your spouse could end up with less income.
Even if you're the lower-earning spouse, it pays to coordinate filing strategies as a couple. It could make sense for one of you to delay your Social Security claim for boosted benefits while the other files on time or early. Talking things through could help you come up with a strategy that works best for both of you.
It's exciting to imagine yourself collecting a monthly Social Security check. But before you submit that claim, figure out what benefit you're looking at each month based on your filing age, make sure your wage history is accurate, and talk to your spouse so you're both on the same page.
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