Your Retirement Checklist

Contents
What you should know before you apply 1

If you have a special claiming situation 2

Additional things you should think about 3

Contacting Social Security 4

At Social Security, we’re often asked, “What’s have 35 years of earnings, your monthly
the best age to start receiving retirement benefit will be reduced, because years with
benefits?” The answer is that there isn’t a “best” no earnings will count as zeroes. Learn
age that applies to everyone. It’s a personal your estimated monthly benefit amount by
decision based on your situation and, ultimately, reading your Social Security Statement at
it’s your choice. To help you make an informed www.socialsecurity.gov/myaccount, or
choice, consider the factors below as you use the Retirement Estimator at
think about when to start receiving your Social www.socialsecurity.gov/retire/
Security benefits. estimator.html.

What you should know before □ Your monthly benefit is higher if you
wait to start
you apply
When should you start your retirement
□ What does “retirement” mean? benefit? You can start receiving benefits
For us, retiring means getting your Social as early as age 62. However, the longer
Security retirement benefit. It might mean you wait (up to age 70), the higher your
that you’ve also stopped working. However, monthly benefit will be — for the rest of
these two things don’t need to happen at the your life. If you’re married and you’re the
same time. For example, you have the option higher earner, delaying your benefit may
of delaying your monthly benefit even after also mean higher survivor benefits for your
you stop working. Delaying your benefit will spouse when you pass away. You can
increase your monthly benefit amount. (See see the impact of starting your monthly
below.) benefits at different ages by checking your
□ Your benefits are based on your entire Social Security Statement or the Retirement
earnings history Estimator. Both are available online at
www.socialsecurity.gov/onlineservices.
Do you know how your benefit is calculated?
For more information on how delaying
Your monthly benefit amount is based on
retirement increases your monthly benefit,
your highest 35 years of earnings. If you don’t

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Your Retirement Checklist

 read our publication, When to Start Receiving If you have a special
Retirement Benefits (Publication No. 05- claiming situation
10147), at www.socialsecurity.gov/pubs/
EN-05-10147.pdf. □ You or your family members may be
eligible for spouse’s and family benefits
□ Your full retirement age may be higher
than you think Are you eligible for benefits based on your
spouse’s, or ex-spouse’s, earnings record?
Your “full retirement age” is determined by
If you were married for 10 years or longer,
the year you were born. The retirement age
you may be eligible for benefits on your
used to be 65 for everyone, but is gradually
ex-spouse’s record. Do you have a spouse
increasing to 67. As the full retirement age
who is eligible based on your earnings
goes up, benefits claimed at earlier ages go
record? Spouses and ex-spouses can
down. Find out your full retirement age at
generally receive up to half of the worker’s
www.socialsecurity.gov/planners/retire/
full retirement age monthly benefit amount,
ageincrease.html.
and widow(er)s can receive more than that.
□ Your benefits may be temporarily reduced However, if you are eligible for both your
if you work while receiving benefits own benefits and spouse’s benefits, you will
Working after you start receiving retirement only receive the higher of the two benefit
benefits may affect your monthly benefit amounts. Learn more about benefits for your
amount, depending on your age and how family at www.socialsecurity.gov/planners/
much you earn. If you are younger than retire/applying7.html, spouse’s benefits at
your full retirement age, and your earnings www.socialsecurity.gov/planners/retire/
exceed certain dollar amounts, some of your applying6.html, and survivors benefits at
monthly benefit may be withheld. We will www.socialsecurity.gov/planners/survivors.
increase your monthly benefit after you reach □ You have additional benefit choices if you
full retirement age to account for the months are widowed and retired
of withheld benefits. When you reach your
If you are eligible for both your own
full retirement age, you can work and earn
retirement benefit and a survivor benefit
as much as you want and your benefit will
based on a deceased spouse’s or deceased
not be affected. Find more information at
ex-spouse’s record, you have additional
www.socialsecurity.gov/planners/retire/
options to consider. You may want to apply
whileworking.html.
for one benefit and delay applying for
Working can also increase your monthly the other benefit to let it grow. When you
benefit amount because benefits are based apply for benefits, ask the Social Security
on your highest 35 years of earnings. If your representative if you can receive one benefit
current or future earnings are higher than and delay the other to increase its value.
one of the years we used to compute your
□ You can receive benefits if you are a
retirement benefit, your benefit amount may
citizen or lawfully present
increase slightly.
As long as you are legally present in the
□ Your benefits may be taxed country and you and your employers have
Some people have to pay federal income contributed to Social Security during your
taxes on part of their Social Security benefits. working years, you may be eligible for
This usually happens only if you have other benefits. Our web page at
substantial income (e.g., wages, interest, or www.socialsecurity.gov/planners/retire/
dividends) in addition to your benefits. Learn applying5.html has more information.
more at www.socialsecurity.gov/planners/
taxes.html.
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□ Your benefit may be reduced if you worked retirement benefits, you will be automatically
in jobs not covered by Social Security enrolled in Medicare when you turn 65.
If you worked in a job where you didn’t pay Medicare Part A (Hospital Insurance) is
Social Security taxes, and you are now free for most people, and Medicare Part
receiving a retirement or disability pension B (Medical Insurance) requires a monthly
based on those earnings, your Social premium. Generally, if you have not already
Security benefit may be affected. Learn started receiving retirement benefits, you will
more at www.socialsecurity.gov/planners/ want to sign up for Medicare three months
retire/gpo-wep.html. before turning age 65, unless you have group
health coverage through a current employer.
Additional things you should
NOTE: If you don’t have group health
think about coverage through a current employer and
□ Your longevity and health you don’t sign up for Medicare Part B when
first eligible, then you may have to pay a late
Retirement may be longer than you think.
enrollment penalty for as long as you have
As you consider when to begin receiving
Part B. Also, you may have to wait to enroll,
retirement benefits, take into account how
which will delay this coverage.
long you might live. Today, more than one
in three 65-year-olds will live to age 90. You If you have a Health Savings Account
can use our Life Expectancy Calculator (HSA) when you sign up for Medicare, you
at www.socialsecurity.gov/planners/ can’t contribute to your HSA once your
lifeexpectancy.html to see the average life Medicare coverage begins. Premium-free
expectancy for someone your age — but Part A coverage may begin up to six months
keep in mind that many people live longer before the date you apply for Medicare (or
than “average.” Social Security benefits Social Security/Railroad Retirement Board
last as long as you live, providing valuable (RRB) benefits), but no earlier than the first
protection against outliving savings and other month you were eligible for Medicare. If you
sources of retirement income. Delaying your contribute to your HSA after your Medicare
benefit to let it grow is one way to increase coverage starts, you may have to pay a
your monthly Social Security protection. tax penalty. If you’re thinking about signing
up for Medicare and would like to continue
□ Retroactive benefits contributing to your HSA, talk with your
If you are past your full retirement age when personnel office or insurance company to find
you start receiving benefits, you can choose out how signing up may affect you.
to receive up to six months of retroactive
Learn more at
monthly benefits. However, using this option
www.socialsecurity.gov/medicare or
changes the start of your benefit to an earlier
www.medicare.gov.
date. Remember that by choosing to start
your benefit earlier, your monthly benefit □ Applying for your benefits
amount will be lower for the rest of your life, Once you have decided when you want to
and your spouse’s survivor benefits may also start receiving your monthly Social Security
be lower. benefit, you can apply up to four months
□ Signing up for Medicare before the date you want your benefits to
start. Visit www.socialsecurity.gov/retire
Consider whether you need to apply for to apply.
Medicare at age 65, even if you aren’t
applying for monthly retirement benefits.
If you have already started receiving your

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Your Retirement Checklist

For more information, read our publication, Call us
When to Start Receiving Retirement If you don’t have access to the internet, we
Benefits (Publication No. 05-10147), offer many automated services by telephone,
at www.socialsecurity.gov/pubs/ 24 hours a day, 7 days a week. Call us toll-
EN-05-10147.pdf, and visit free at 1-800-772-1213 or at our TTY number,
the Retirement Planner at 1-800-325-0778, if you’re deaf or hard of
www.socialsecurity.gov/planners/retire. hearing.
Contacting Social Security If you need to speak to a person, we can
answer your calls from 7 a.m. to 7 p.m., Monday
There are several ways to contact Social through Friday. We ask for your patience during
Security, including online, by phone, and in busy periods since you may experience a higher
person. We’re here to answer your questions than usual rate of busy signals and longer hold
and to serve you. For more than 80 years, times to speak to us. We look forward to serving
Social Security has helped secure today and you.
tomorrow by providing benefits and financial
protection for millions of people throughout their
life’s journey.
Visit our website
The most convenient way to conduct Social
Security business from anywhere at any time,
is to visit www.socialsecurity.gov. There,
you can:
• Create a my Social Security account to review
your Social Security Statement, verify your
earnings, print a benefit verification letter,
change your direct deposit information,
request a replacement Medicare card, get a
replacement SSA-1099/1042S, and more;
• Apply for Extra Help with Medicare
prescription drug plan costs;
• Apply for retirement, disability, and Medicare
benefits;
• Find copies of our publications;
• Get answers to frequently asked questions;
and
• So much more!

Social Security Administration

Publication No. 05-10377
June 2019
Your Retirement Checklist
Produced and published at U.S. taxpayer expense