David: I am one of the lucky ones who was grandfathered under the old Social Security claiming rules and was able to file a restricted claim for spousal benefits on my wife’s earnings record when I turned 66, allowing my own retirement benefit to continue to grow. As I approach my 70th birthday, I want to start collecting my own larger benefit, but I cannot find any information on how to do that. Is there a way I can apply for my benefit online or do I have to call Social Security?
MBF: One of the silver linings of the pandemic is the Social Security Administration has made it easier to conduct business online and over the phone. In the past, you had to go to your local SSA office in person to switch from spousal benefits to your own maximum retirement benefits. But that’s impossible these days as Social Security Administration suspended face-to-face meetings in field offices in March 2020 due to the pandemic and shifted much of its workforce to handle phone inquiries.
“If someone is already receiving spousal benefits and decides later to file for retirement benefits on his or her own record, he or she can apply for these benefits online,” Social Security spokesman Darren Lutz confirmed in an email.
Go to www.ssa.gov. On the main page, click on “online services” and then select “apply for retirement benefits.” Since you are currently collecting benefits on your spouse’s record, you should be able to start a new application for retirement benefits under your own Social Security number.
In the “remarks” box at the end of the application, you can explain that you are currently receiving spousal benefits and you want to switch to your own maximum retirement benefits beginning the month you turn 70.
“We encourage people to use our online services to file for benefits, however it is not the only way to file a claim,” Lutz wrote. “If people cannot conduct their Social Security business online, they should check our online field office locator (https://secure.ssa.gov/ICON/main.jsp) based on their zip code.”
Mary Beth Franklin, a certified financial planner, is a contributing editor for InvestmentNews.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
