Social Security Income: Suggestions To Help You Maximize Your Social Security Income

Social Security Income: Suggestions To Help You Maximize Your Social Security Income

As you find yourself getting closer to retirement, selecting the best time to take your Social Security retirement benefits may seem like rolling the dice. There's a lot of choices to make, such as:. One of the biggest decisions you will need to make is when to begin receiving your Social Security benefits. Some of the questions you will need to consider include:

Should you start Social Security at 62 or 66, or even later?

When should your spouse start taking benefits? Here are some tips to help you get the maximum Social Security retirement income you are entitled to:

Increase Your Social Security Earnings:

Your Social Security retirement benefits is based on your top 35 years of earnings so it is advisable to get as many "high earning" years in as possible. For this reason, being employed just one year longer in a high earning position could make a big difference in your retirement benefit.

Delay Taking Your Social Security Benefits:

You are penalized for each month you collect your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you start taking benefits at age 62. While starting your benefits early might be luring, those people who are patient can increase their Social Security income by up to 30% (including COLA increases) by holding out until full retirement age.

Work Part-Time While in Retirement:

While you are limited in how much you can earn if you are under full retirement age and collecting Social Security, whenever you attain full retirement age you can earn as much as you would like without your retirement benefits being reduced. Another idea is to get a part-time job when you finally retire so that you can delay taking Social Security benefits.

Collect Based on Your Spouse's Earnings:

If you're married, you are allowed to collect Social Security spousal benefits based on your own earnings, or you can collect half of your spouse's benefit, whichever is larger. If you and your spouse aren't the same age, you may need to do some planning to make sure you maximize your benefits, however this may possibly be a strategy to consider if one spouse earns significantly more than the other, or if one spouse has been out of the work force for quit some time.

Draw on Your Ex's Benefits:

The spousal benefit applies to ex-spouses too. If you were married to your ex-spouse for at least 10 years, and you aren't currently married to someone else, you could collect as much as 50% of your ex spouse's benefits. You don't have to communicate with your ex-spouse to claim your benefits; in fact they will never know if you don't inform them, and it won't have an effect on their benefits in any way.

These are just a few tips to help you maximize your Social Security income. Receiving your Social Security benefits can be a very complex decision and will affect the rest of your retirement, so please consult with a professional prior to you making any decisions yourself.

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