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As you get closer to retirement one of your main questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement plus points? We'll address these questions and more in the following paragraphs.

When to Apply for Social Security Retirement Plus Points

Social Security retirement benefits can be collected as soon as age 62 or as late as age 70. Full retirement age depends on your birthday, but for boomers now starting to retire, the full retirement age is 66. If you receive benefits before you get to full retirement age, your benefit will be reduced by up to 25%. On the other hand, if you postpone collecting advantages after you reach full retirement age, your benefit will increase by 8% each year until you reach age 70. After age 70 you might no longer earn credits so there is no advantages to delaying benefits after age 70.

According to the Social Security Administration, almost 73% of current Social Security beneficiaries are receiving reduced advantages (because they elected to receive them prior to their full retirement age); however this may not be the good strategy. Your health, life expectancy, marital status and other resources all play a role in when you should begin collecting benefits. Because Social Security plays such a crucial role in your retirement income (at least for most individual), it is recommended that you consult a financial professional who is knowledgeable in Social Security to assist you determine the best time to start receiving retirement advantages.

How to Apply for Social Security Benefits

Once you've decided when to begin your benefits, how do you submit your Social Security retirement application? There are three ways to apply for Social Security:

1. You can go online to Social Security.gov and apply for benefits right on the site. However, at this time you can only apply for retirement benefits online (you must call or go to an office in person to apply for survivor advantages).

2. Call 800-772-1213 to apply for benefits by telephone.

3. Or you can visit an office in person if you have to talk to an employee face to face. To locate the closest office, visit the site at Social Security.gov.

You will need the following information when you submit your Social Security application:

- Social Security number

- Name at birth, date and place of birth

- Citizenship position

- Active duty service dates

- Marital status, spouse's name, birth-date and SSN

- Name, date of birth and SSN of any former partners

- Names of any unmarried children under age 18

- The name and address of each organization you worked for in the last two years, including estimated income

- If you are within 3 months of turning 65, you'll even need to let Social Security know if you are enrolling in Medicare or not.

Additional information might be required if you are self employed or if you worked in a government job which will provide an annuity benefit.

Submit Your Social Security Application Three Months in Advance

You should apply for Social Security retirement benefits three months before the date you want to start receiving benefits. Payments are sent the month after the month they are owing. For example, if you apply for retirement benefits and request that they begin in October of 2010, you will receive your first payment in November 2010.

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