Planning for retirement is one of the most important decisions you’ll ever make, and a central part of that plan is Social Security. For many people, Social Security represents a major source of income during their retirement years. Even if you have personal savings, Social Security still plays a key role in maintaining your standard of living.
With that in mind, if you’re thinking about applying for Social Security in 2025, there are some key points you should understand to avoid mistakes that could reduce your payments or delay your first check.
How much will you receive from Social Security?
One of the first steps you should take before applying for Social Security is to estimate how much you’ll receive. Luckily, the Social Security Administration (SSA) offers an online tool to help you with this. By creating an account on my Social Security, you can use a calculator to project your benefits based on the age you choose to start receiving payments. This could be anytime between age 62 and 70.
Keep in mind that this estimate is based on your future earnings, so if you’re planning to retire soon, the estimate will be fairly accurate. Knowing this in advance can help you adjust your expectations and decide when the best time might be to start receiving your checks.
How does age affect your Social Security benefits?
The amount you’ll receive from Social Security is directly tied to the age at which you apply. To collect your full benefit, you need to wait until you reach your full retirement age (FRA), which is currently between 66 and 67 for most workers. You can check your specific FRA through your my Social Security account.
If you decide to claim Social Security before reaching your FRA, starting as early as age 62, your monthly benefit will be reduced by up to 30%. On the other hand, if you delay your application until age 70, your payments will increase significantly, up to 32%.
For many people, delaying Social Security can lead to larger payments over their lifetime. However, this decision depends on your financial situation and life expectancy. If you don’t have other sources of income or you believe you might not live long enough to benefit from the larger checks, you might consider applying earlier.
Before making a decision, take the time to analyze how the age at which you apply will impact your payments and whether you’re truly ready to claim Social Security in 2025.
When should you apply for Social Security?
Another important consideration is when to submit your Social Security application. The SSA recommends applying ahead of time, as the approval process can take some time. You can submit your application up to four months before the date you want to start receiving payments, which is helpful in case there are any issues with your application.
If you’re planning to apply for benefits right when you turn 62, be careful. You’re only eligible for full payments if you’ve been 62 for the entire month. For example, if your birthday falls on the 1st or 2nd of a month, you’re eligible that same month. However, if your birthday is later in the month, your first check won’t arrive until the following month.
Additionally, it’s important to remember that the government pays Social Security benefits in the month after they are due. So, if you turn 62 on March 15, 2025, your first check won’t arrive until May because the payment for April will be processed then. Planning ahead is essential to avoid gaps in income during this transition period.
What documents do you need to apply for Social Security?
To speed up the process, make sure you have all the necessary documents ready when applying. Some of the documents you’ll need to provide include:
- Your Social Security number
- Your original birth certificate or proof of U.S. citizenship or residency status
- Your W-2 or tax return if you’re self-employed for the previous year
- Military service records, if you served before 1968
- Information about your marriage (or divorce) if you’re applying for spousal or ex-spouse benefits
If you’re missing any of these documents, contact the Social Security Administration as soon as possible to get assistance in locating them. Don’t leave your application to the last minute, as any issues with documentation could delay your first check.
Respond quickly to Social Security requests
In some cases, the Social Security Administration may ask you for additional information or documents to complete your application. If this happens, it’s crucial that you respond as quickly as possible to avoid delays in approval.
Additionally, be aware that any errors or missing documentation can slow down the process, so it’s important to pay attention to any communication from the SSA. The faster you respond, the sooner you’ll receive your first payment.
