How Do You File For Retirement


Apply For Retirement Online

Early Retirement: Should You File for Disability or Retirement Benefits?

Retirement Online is the most efficient way to apply for your retirement. Located in your secure ORBIT account, Retirement Online is available 120 days from your retirement date for members of the Teachers and State Employees Retirement System and Local Governmental Employees Retirement System .

Before you begin, view our Retirement Online Video Guides. This series offers an introduction to the application and prepares you for Step 1, Step 2 and Step 3.

The Retirement Online application delivers a guided experience through the process with integrated videos, on-screen examples and links at critical decision-making points and timely notifications when you reach certain milestones.

If you are thinking about retirement, start preparing now and make sure that you:

  • are able to access your ORBIT account,
  • are using your personal email address as your primary contact in ORBIT,
  • review the Retirement Online process map,
  • talk to your HR staff and let them know your intentions and follow any internal process your employer has in place,
  • attend a Retirement Planning Conference or schedule a one-on-one virtual appointment
  • take the time to create a Custom Benefit Estimate , and

Timing Of Your First Retirement Payment

Your first payment will be on the retiree payroll date for the month after WRS receives your final contribution from your employer. Talk with your employer to find out when they will be submitting your final contributions and termination notice. If you work for a school district, find out if they are paying all summer contributions in advance or paying throughout the summer.

Your first payment will be retroactive back to your retirement date. For most members the effective retirement date is the day after their last working day or the date they reach the age and service requirement for unreduced benefits, whichever is later. Speak with your employer, as some employers define “last working day” differently due to vacation payouts and other considerations.

How Do Benefits Work And How Can I Qualify

While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to:

  • Those who are currently retired

  • To people with disabilities

  • To the surviving spouses and children of workers who have died

Each year you work, youll get credits to help you become eligible for benefits when its time for you to retire. Find all the benefits Social Security Administration offers.

There are four main types of benefits that the SSA offers:

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Selecting A Benefit Start Date

The application will also ask you what date you want your benefits to start. A benefits estimator is built into the application to help you decide.

The SSA pays out benefits the month after the start date you request. For example, if you indicate that you want your benefits to start in September, you’ll receive your first check in October.

Keep in mind that the amount on your benefit checks will depend on the age when you start collecting. The longer you can wait to start taking your payments, the more you will get each month. However, while you are not required to start receiving social security by age 70, your benefit will no longer increase by delaying the start date after that time.

What Is An Early Retirement Exception

How to Check SSS Retirement Status Application Online

The only exception to the above is if you took early retirement at age 62 through Social Security before being approved for disability benefits. In this situation, you are eligible to receive some combination of both benefits.

Lets say you drew less than the full monthly retirement benefit under early retirement, and then you were subsequently approved for disability benefits. Social Security would make up the difference between the amount allotted for early retirement and the full disability amount for the months during which you were disabled and receiving reduced early retirement benefits.

This is a retroactive benefit. In this situation, you would also get the benefit of a disability freeze, meaning your lack of income as a result of your disability would not be counted when your Social Security retirement payment was calculated from your earnings record.

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How Do You Calculate Military Reserve Retirement Pay

Once youve determined this amount, its easy to calculate your reserve retirement pay: Look up the base pay for your pay grade and time of creditable service on the Department of Defenses current military pay scale. Multiply the base pay by your years of service for retired pay percentage multiplier.

How Do I Apply Online

You will need to prepare all the relevant documents, confirm you qualify, and make sure you meet the requirements to apply online.

Once you have done that, sign in to your my Social Security account, select apply for Retirement/Medicare. This could take anywhere from 10 to 30 minutes.

If you would like to take a break you can save your application as you go and come back later.

When you complete your application, make sure to submit it. A representative should contact you to update you or ask any further questions.

However, please be careful when taking ANY phone call about your Social Security benefits!!! Unfortunately, there are quite a few scams related to Social Security numbers. A Social Security officer will NEVER threaten you or say you will go to jail if you do not give them your personal information.

If you receive a phone call where someone says there is a charge against you, you will go to jail if you do not pay money or give us your information that is a scam! Hang up!

If you would like to confirm your application status it is safest to call the Social Security office yourself. If you initiate the call it is safer than receiving a call from someone you do not know.

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Do You Have To Apply For Your Cpp Post Retirement Benefit

Ive received a number of inquiries recently from people asking me if they need to apply in order to receive your CPP Post Retirement Benefit

The short answer is Nothere is no application required for a PRB. The slightly longer answer though is that the timing for Service Canada to process PRBs appears to be uncertain, and it sometimes appears necessary to call them before theyll issue a PRB.

For more information on what a PRB is, read this article: .

What Are The Risks Of Early Retirement

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Some risks are involved with early retirement. If the Social Security Administration decides you did not become disabled until after you began collecting early retirement, then the SSA will not pay the difference between early retirement pay and disability pay.

Also, if the SSA denies your disability claim, you will receive early retirement payments at that rate for the remainder of your life.

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Who Cannot Apply Online

The following who fall under these categories cannot use the online platform but can still schedule an appointment and submit an application in an SSS office for their claim.

  • Dependents: Cannot apply using the online submission portal if you have dependents under your account.
  • Workers exempted: Mineworkers and Racehorse Jockeys will need to file a claim in the SSS office.
  • Age: if you are less than 60 years you will need to schedule an appointment.
  • Contributions: Cannot use online service if contributions are less than 120 months cumulatively.


Submit Using A Paper Application

To apply by paper, complete the Application for a Canada Pension Plan Retirement Pension form and mail it to us, or drop it off at a Service Canada office.

  • If someone is helping you apply

    You can give permission to a person to contact Service Canada on your behalf by signing in to your My Service Canada Account or by completing the Consent to Communicate Information to an Authorized Person form .

    This form does not give the person helping you authority to:

  • apply for benefits on your behalf
  • change your payment address

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When Can You File For Social Security

The earliest when you can apply for Social Security benefits is at age 61 and nine months, and you can expect to receive your first payment four months laterthe month after your birthday. Typically, Social Security benefits are paid the month after they are due or must be specified. For example, the Social Security website states that an individual who wants their benefits to start in May will receive their first benefit check in June.

For example, if you turn 62 on Dec. 15, then your first full month of eligibility is January, and your payment for that month will arrive in February. If you have already reached age 62 and met all other eligibility criteria, then you may begin collecting benefits in the same month when you apply if you specify, although your first payment still would not arrive until the following month.

How Much Will I Be Paid

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The amount you will receive is calculated based on your

  • lifetime earnings
  • changes in average wages throughout your career
  • the 35 years where you earned the most
  • the Social Securities basic benefits rate
  • the age you plan to retire at

Social Security records all the above information, applies their own formula and calculates your benefits.

The lowest Social Security payment is estimated to be around $628.00. Social Security payments go up from there.

It is important to keep in mind that if you retire earlier, you will receive a smaller Social Security benefit. If you retire later you will receive a higher Social Security benefit.

Use the Social Security Benefits calculator here. This tool provides many different Benefits calculators. Browse the different kinds of calculators and choose the one relevant to you.

To learn more about the base benefits click here.

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Probably Not But You May Want To File One For Other Reasons

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Recently we received the following email from a reader:

I would like to know if I live off my Social Security check and have no other income must I file a federal tax return? I have a yearly income of $21,000. My living and medical expenses takes up most of that. I really appreciate any advice you can give me on this matter.

The short answer is probably not. But of course, there are always mitigating circumstances for each situation, so it pays to look more closely into this to qualify the answer.

As long as the only income that the individual receives is from Social Security and there is no tax withheld from those payments, most likely filing a tax return is not necessary. But there may be other matters at work that might require you to file a tax return anyhow.

If you have had any tax withheld, either from the Social Security payments, or from any other source, including quarterly estimated tax payments or carried over refunds from prior years, you should file a tax return. In many cases youll get most if not all of the withheld tax back in a refund.

If you were due an Economic Impact Payment in 2021 but didnt receive it, filing a tax return will enable you to claim this payment as a Recovery Rebate Credit.

If you are married and your spouse receives income from another source , you likely need to file a tax return based on that other income. Dont forget that this includes any taxable sales of investments as well as interest and dividends .

Receiving Your First Check

You will receive your first benefit payment approximately 8 business days after OPERS receives all valid documentation from both you and your employer, or your retirement effective date, whichever is later.

If you chose a partial lump sum option payment, it will be released 90 days after your first benefit check.

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Is There A Special Benefit When Both Spouses Are Members Of The Same Or Different Massachusetts Contributory Retirement Systems

Yesif your effective membership date is before November 1, 2003, and:

  • you and your current spouse were members of a Massachusetts contributory retirement system on November 1, 2003,
  • your spouse will be retired from a Massachusetts contributory retirement system on your date of retirement, and
  • you have at least ten years of creditable service but, will be under age 55 on your date of retirement,

then you will be eligible to retire under a superannuation retirement allowance, irrespective of having attained age 55, using the age factor for age 55.

Calculate The Best Time To Start Social Security

Your Online Service Retirement Application

If you are confused about when to start, you can use the Social Security Explorer part of the NewRetirement Retirement Planner to compare your monthly income and maximum lifetime payout at different ages.

Or, you might consider the following rules of thumb:

  • Take Early: The only people who should consider taking their Social Security early are those who absolutely need the money immediately, or those who do not expect to live for very long, due to illness
  • Take at Full Retirement Age: Should you have reason to believe that you will not live past the age of 80, then generally speaking you will maximize your social security benefits if you take them when you reach your Full Retirement Age.
  • Wait as Long as Possible: On the other hand, if you are confident that you will live past the age of 80 or 85, then most experts recommend that you defer your social security for as long as you can , so as to maximize the benefits you receive from it.
  • Other: If you have dependent children, the additional benefits you receive for them might make filing when you are younger worthwhile.

It can also be a very good idea to have an overall retirement plan before you decide when to start your Social Security benefits. The NewRetirement Retirement Planner can help you assess all of your sources of retirement income and whether or not you will have enough to cover your expenses. This tool was recently named a best retirement calculator by the American Association of Individual Investors .

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Questions To Ask Yourself Before Retiring

As you plan, consider these important questions:

  • At what age do you plan to retire?

  • Can you participate in an employer’s retirement savings plan? This includes 401 plans and traditional pension plans.

  • If you have a spouse or partner, will they retire when you do?

  • Where do you plan to live when you retire? Will you downsize, rent, or own your home?

  • Do you expect to work part-time?

  • Will you have the same medical insurance you had while working? Will your insurance coverage change?

  • Do you want to travel or pursue a costly, new hobby?

Working While Receiving The Cpp Retirement Pension

Youll qualify for the CPP Post-retirement benefit if you work while receiving your CPP retirement pension while under age 70 and decide to keep making contributions.

Each year you contribute to the CPP will result in an additional post retirement benefit and increase your retirement income. We will automatically pay you this benefit the following year. Youll receive it for the rest of your life.

You can choose to stop your post-retirement contributions when you reach age 65. Your contributions will stop when you reach age 70, even if youre still working. We will contact you if we need more information for you to qualify.

Contributions after age 65

If you work after you turn 65 and don’t yet receive the CPP retirement pension, periods of low earnings before age 65 will be automatically replaced with periods of higher earnings after age 65. This will increase your pension amount.

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Service Credit With Other Systems

If you have service credit in the School Employees Retirement System of Ohio, the State Teachers Retirement System of Ohio Defined Benefit Plan, or the Ohio Police & Fire Pension Fund you may retire independently from each system or have your contributions and total service credit in the OPERS Traditional Pension Plan, School Employees Retirement System and State Teachers Retirement System Defined Benefit Plan combined for the purpose of determining eligibility for and calculation of benefits.

The system that has the most service credit will pay the benefit, while funds and service credit in the other system are transferred to the paying system.

Please refer to the Service Credit and Contributing Months leaflet for more information.

Consider Your Personal Circumstances

How To Apply For Your SSS Retirement Benefit

There are many factors you should consider when deciding when to start receiving your CPP retirement pension. These include your health, your financial situation, and your plans for retirement.

For example, if youre healthy, expect to live a long life, or have access to other sources of income, you may choose to start receiving your CPP retirement pension later. This will result in a larger monthly pension, which could help protect you from outliving your savings.

However, if youd prefer to work less, or you want the money now to pay off debts or to fund your retirement plans, you may choose to start receiving your pension before age 65. This will result in a smaller monthly payment which can help meet immediate needs, especially if you have little or no other income.

The Canadian Retirement Income Calculator can also help you better understand your future financial security.

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Who Can Apply For Sss Retirement Claim Online

Those who fall under these categories can easily apply using this platform

  • AGE: It doesnt matter if you are employed or not, at the age of 65 years you are entitled to apply and start receiving a pension. OFW Filipinos and voluntary contribution members can file for a claim at 60 years.
  • Registration: if you havent already created an account with the SSS website, you will need to register online before you will have access to the online application. If you are having a hard time registering or filing the claim, you can simply schedule an appointment, print out the application form and fill it out, or better yet, contact SSS for further assistance.
  • Contributions: You need to have made contributions amounting to 120 months .

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