Social Security Old Age Income: Suggestions To Help You Maximize Your Social Security Benefits

Social Security Old Age Income: Suggestions To Help You Maximize Your Social Security Benefits

There are many choices to consider, both psychologically as well as financially, as you prepare to retire. One of the most significant decisions you have to make is at what age to begin receiving your Social Security benefits. Many of the issues you'll need to take into consideration include:

When should you begin receiving Social Security - 62, 66 or 70?

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

Boost Your Social Security Income:

Your Social Security retirement benefits will be based upon your top 35 years of salary hence you'll want to get as many "high earning" years in as possible. That is why, continuing to work even one year longer at a significant earning position could make a big difference with your retirement income.

Hold off Taking Your Social Security Retirement Income:

Social Security penalizes you for each month you collect your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you begin collecting benefits at age 62. Though starting your benefits earlier could be luring, those people who are patient can improve their Social Security retirement income by as much as 30% (this includes inflation increases) simply by holding out until full retirement age.

Work Part-Time While in Retirement:

While you are limited in how much money you are able to bring in if you are below full retirement age and receiving Social Security, as you arrive at full retirement age you can earn as much income as you choose without your retirement benefits being cut. Another suggestion could be to get a part-time job whenever you retire so that you can delay applying for Social Security benefits.

Apply for Benefits Based upon Your Spouse's Benefits:

When you're married, you are allowed to receive Social Security spousal benefits based on your own earnings, or you could collect half of your spouse's benefit, whichever is greater. If you and your spouse are not the same age, you may need to do some planning to guarantee you get the maximum benefits, however this may possibly be a strategy to take into account if one spouse makes a lot more than the other, and also if one spouse has been away from the work force for a few years.

Draw on Your Ex's Benefits:

The spousal benefit pertains to ex-spouses also. If you were married to your ex-spouse for a minimum of 10 years, and you also aren't presently married to somebody else, you could collect as much as 50% of your ex spouse's benefits. You don't have to speak with your ex-spouse to apply for your benefits; actually they may never learn if you don't advise them, and it won't have an impact on their own benefits at all.

These are just a few stategies to help you get the maximum Social Security income. Applying for your Social Security benefits can be a very confusing decision and can influence the rest of your retirement, so please work with a specialist prior to you making any decisions yourself.

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