Social Security Income: Ideas To Help You Get The Most Out Of Your Social Security Retirement Benefits
As you move nearer to retirement living, deciding when to start your Social Security retirement benefits might seem much like rolling the dice. There are lots of choices to make, including:. One of the primary choices you must make is when to begin receiving your Social Security retirement benefits. Examples of the questions you may need to think about include:
Should you collect Social Security at age 62 or 66, or even later?
At what age should your spouse start collecting Social Security?
What happens to your spouse's benefits (and yours) when he/she dies?
Can you collect on your spouse's earnings record if he/she earned more than you?
Is it possible to collect on your ex-spouse's benefits?
If your head wasn't spinning before, it is now! Here are some suggestions 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 dependent on your highest 35 years of income therefore it is advisable to get as many "high earning" years in as you possibly can. For this reason, working just one year more at a high compensating position could create an impact in your retirement benefit.
Delay Applying for Your Social Security Retirement Benefits:
You are penalized for each month you receive your Social Security before you reach your full retirement age, with the highest penalty being 25% in the event where you start taking benefits at age 62. Although receiving your benefits earlier might be attractive, those people who are willing to wait can boost their Social Security income by up to 30% (including cost of living increases) by holding out until full retirement age.
Work Part-Time While in Retirement:
While you're restricted in how much you can make while you're below full retirement age and collecting Social Security, when you finally attain full retirement age you'll be able to make as much as you want without your retirement benefits being decreased. One other plan is to get a part-time job when you finally retire and postpone collecting Social Security benefits.
Collect Based on Your Husband or Wife's Income:
If you're married, it is possible to collect Social Security spousal benefits based on your income, or you can collect half of your spouse's benefit, whichever is larger. If you and your spouse aren't the same age, you'll need to do some planning to make certain you maximize your benefits, however this is undoubtedly a technique to take into consideration if one spouse earns significantly more compared to the other, as well as if one spouse has been out of the work force for quite a while.
Take advantage of Your Ex Spouse's Benefits:
The spousal benefit refers to ex-spouses too. If you were married to your ex-spouse for at least 10 years, and you are not presently married to someone else, you may collect as much as 50% of your ex spouse's benefits. It's not necessary to contact your ex-spouse to claim your benefits; in fact they may never know if you don't inform them, also it will not have an effect on their benefits in any way.
These are just some ways to help you maximize your Social Security retirement income. Receiving your Social Security retirement benefits can be an extremely complicated decision and will have an effect on the rest of your retirement, so remember to seek advice from a professional prior to you making any decisions yourself.
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