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BusinessWeek: January 11, 1993 |
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Personal Business: Relocating
HOW TO SECURE YOUR SOCIAL SECURITY After more than a decade of furnishing advice on retirement matters, among other things, in the Personal Business pages of this magazine, I believe that experience is still the best teacher. Preparing to retire and move as a "trailing spouse" to Harare, Zimbabwe, for the next two years, I recently visited a Social Security office to ask Uncle Sam to start my hard-earned stream of monthly benefit checks. Some lessons learned: You can order a form at any time to mail in for an estimate of your benefits at various ages. (Call 800 772-1213.) But the clerk who processes your application cannot give an accurate figure. The number is based on your earnings averaged over your working career, and there are annual cost-of-living adjustments. So you won't know the exact amount until you get official notification from Washington, about two weeks after your application is filed. Even though you think your records are in good shape, be prepared for surprises. The computer listed me as 64, a year older than I am. If I hadn't spoken up and set the record straight, the error actually would have worked to my advantage. Benefits are reduced by 62 3% if you retire at 64, compared with 131 3% if you stop working at 63 and 20% at 62 (the earliest possible age). To apply for benefits, you must bring proof of age--a birth certificate or, if you don't have one, school records. You don't need to produce your Social Security card, provided you know your number. Be ready also to show your most recent W-2 form or tax return if you are self-employed. If you present a voided check or deposit slip with bank or savings-account information, Uncle Sam will deposit your checks directly into your account. Each month's payment should arrive on the third day after the end of the month. Unlisted? A government booklet, Retirement, answers many questions about Social Security. It's also free from 800 772-1213. You can call the same number to schedule an appointment to apply for benefits at a nearby office. And you should apply three months before you want checks to start. There's a good chance that benefits will be taxable--if you and your spouse file separate returns or if you file jointly with combined income above $32,000. One other point: In the U.S. Government pages of the Manhattan telephone directory, the addresses for Social Security offices are not listed under "S." They're under "H," for Health & Human Services. D.D. | |
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