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Social Security Income: Suggestions To Help You Make The Most Of Your Social Security Retirement Benefits
There are plenty of decisions to consider, both emotionally as well as monetarily, when you prepare to retire. One of the most significant choices you will need to make is at what age to start receiving your Social Security income. Among the questions you'll need to take into consideration include:
When should you start receiving Social Security - 62, 66 or 70?
In case you didn't have 100 concerns about Social Security before, you should at this point! Here are some guidelines to help you get the maximum Social Security retirement income you are entitled to:
Increase Your Social Security Income:
Your Social Security retirement benefits will be based upon your highest 35 years of earnings and so it is advisable to get as many "high earning" years in as you are able to. For this reason, continuing to work even one year more in a significant paying position can make an impact in your retirement income.
Hold off Collecting Your Social Security Benefits:
Social Security penalizes you for every month you collect your Social Security before you reach your full retirement age, with the highest possible penalty being 25% in instances where you start collecting benefits at age 62. Though collecting your benefits early could be tempting, those people who are willing to wait can boost their Social Security income by as much as 30% (this includes COLA increases) simply by waiting until full retirement age.
Work Part-Time While in Retirement:
Although you are restricted in how much you are able to bring in while you are under full retirement age and receiving Social Security, once you attain full retirement age you are allowed to get paid as much as you choose without your retirement benefits being cut. One other idea could be to take a part-time job when you finally retire and postpone collecting Social Security benefits.
Apply for Benefits Based upon Your Husband or Wife's Earnings:
When you're married, you can collect Social Security spousal benefits based on your income, or you can collect half of your spouse's benefit, whichever is greater. If you and your spouse are not the same age, you may want to do some planning to make sure you get the maximum benefits, but this may possibly be a technique to contemplate if one spouse earns a lot more compared to the other, or if one spouse has been away from the work force for many years.
Draw on Your Ex Spouse's Benefits:
The spousal benefit is true for ex-spouses too. If you were married to your ex-spouse for a minimum of 10 years, and you also are not currently married to somebody else, you can collect as much as 50% of your ex spouse's benefits. It's not necessary to contact your ex-spouse to apply for your benefits; actually they will probably never learn unless you inform them, plus it will not have an effect on their own benefits at all.
These are a few tips to help you get the maximum Social Security retirement benefits. Receiving your Social Security retirement income can be an extremely complicated decision and can influence the rest of your retirement, so you should consult with a specialist before you make any decisions yourself.
How Social Security Spousal Benefits Work
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
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