There are numerous decisions to make, both emotionally as well as monetarily, when you prepare to retire. One of the primary decisions you will have to make is when to start receiving your Social Security income. A number of questions you may want to think about include:
Should you begin Social Security at 62 or 66, or even later?
If you didn't have 100 questions 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:
Maximize Your Social Security Income:
Your Social Security retirement benefits is dependent on your top 35 years of earnings consequently you'll want to get as many "high earning" years in as you are able to. Because of this, staying at work for just one year longer in a significant paying position could create an impact in your retirement income.
Delay Getting Your Social Security Benefits:
You are penalized 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. Although beginning your benefits early may be tempting, those people who are willing to wait can raise their benefits by as much as 30% (including 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 make when you are under full retirement age and collecting Social Security, once you arrive at full retirement age you may get paid as much as you desire without your retirement benefits being decreased. Another thought would be to take a part-time job whenever you retire and postpone taking Social Security benefits.
Apply for Benefits Based on Your Spouse's Earnings:
If you are married, you can receive 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 aren't the same age, you might need to do some planning to make sure you maximize your benefits, but this may possibly be a technique to look at if one spouse earns substantially more than the other, or even if one spouse has been out of the work force for many years.
Draw on Your Ex Spouse's Benefits:
The spousal benefit goes for ex-spouses too. If you were married to your ex-spouse for a minimum of 10 years, and you aren't currently married to another person, you can collect as much as 50% of your ex spouse's benefits. It's not necessary to communicate with your ex-spouse to apply for your benefits; in fact they will never learn unless you advise them, plus it will not affect their own benefits in any way.
These are just a couple of ideas to help you increase your Social Security retirement benefits. Applying for your Social Security retirement income can be an extremely complex decision and can have an effect on the rest of your retirement, so make sure you talk to a professional before you make any decisions yourself.
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