While filing for Social Security benefits seems easy (and it is, the application itself is quite simple), there are some things that a worker must keep in mind before deciding to take the plunge and filing to get their first payment.

The first one is to know whether or not you are eligible for benefits, as one must have worked for at least ten years of taxable earnings and be at least 61 years and 9 months old to file on their record.

For those who wish to file on someone else’s record, conditions may be different, but that is a different article. So, here are a few more things you should know:

1. When to Apply

The age at which you claim Social Security significantly impacts your monthly benefit. While the full retirement age is 67 for most workers born after 1960, those born between 1943 and 1954 have a full retirement age of 66. Benefits can be claimed as early as 62, but doing so results in a reduction.

For the first 36 months of early claiming, benefits are reduced by 5/9 of 1% per month, and any additional months are reduced by 5/12 of 1%. Claiming at 62 reduces benefits by 25% for a full retirement age of 66 and by 30% for a full retirement age of 67.

For example, a $1,000 benefit at full retirement age is reduced to $700 if claimed at 62, while a spouse’s $500 benefit decreases to $350. Delaying benefits beyond full retirement age increases payments through delayed retirement credits (DRCs), which add 2/3 of 1% for each month of delay, up to 8% per year, until age 70.

Being smart when claiming will be the key to successful finances during retirement.

2. How Much You’ll Get Monthly From Social Security

Social Security benefits are not easy to estimate, which is why the Social Security Administration provides a tool available through the My Social Security account to calculate your benefits.

The closer you are to full retirement age the more accurate the software will be, as it works using predictions of how much you will earn for the years that you still have until you retire, but it should give you an overall idea of what to expect when you do decide to retire, or at least when it would be a good idea to choose to retire.

3. What You Need to Apply Online or in Perso

When dealing with bureaucracy there are few worse things than making an appointment and not having all the paperwork and having to restart the process. So the first step is to go through your records and gather the necessary information from the IRS or previous employers if you do not have it at hand. You will need:

• Basic information about yourself: Social Security number, Original birth certificate, or proof of U.S. citizenship or resident alien status
• Your earnings history: Verification of your record of earnings
• Direct deposit for benefit payment: Routing and account number for your bank account
• Employer details for the current year and prior 2 years: Employer name, start and end dates of employment
• Self-Employment Details for Current Year and Prior 2 Years: Business type, total net income
• Current and past marriage: Your spouse/former spouse’s Social Security number and birth date, Date you got married/divorced, and where you got married (city, state, country)
• U.S. Military Service: Type of duty and branch and service period dates. Military service papers if you served before 1968
• Names of your children: Some children may be eligible for benefits based on your work history. Unmarried children under the age of 18 or disabled children under the age of 22 may qualify for some type of benefit based on your work history.

4. Social Security’s Birthday Rules

This might be a strange one, but the date you were born in plays a key role in determining when you can claim Social Security benefits as certain rules apply to those born on specific dates.

If you were born on the first day of a month between February and December, Social Security calculates your benefits and full retirement age as if your birthday were in the previous month. For those born on January 1, Social Security treats December of the prior year as your birth month and year. Meanwhile, individuals born on February 29 during a leap year are unaffected, as Social Security uses February as their birth month regardless of whether that date occurs annually.