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Social Security Income: Suggestions To Help You Maximize Your Social Security Retirement Income
As you get nearer to retirement living, choosing the best time to take your Social Security retirement benefits may seem like rolling the dice. There are lots of decisions to make, which include:. One of the biggest decisions you will need to make is when to begin collecting your Social Security income. Examples of the questions you will need to consider include:
Should you start Social Security at 62 or 66, or even later?
If you didn't have 100 questions concerning Social Security before, you should now! Here are some suggestions to help you get the maximum Social Security retirement income you are entitled to:
Maximize Your Social Security Earnings:
Your Social Security retirement benefits is based on your top 35 years of earnings so it is critical to get as many "high earning" years in as you possibly can. Because of this, being employed just one year longer in a high compensating job can make an impact in your retirement benefit.
Delay Taking Your Social Security Benefits:
You are penalized for each month you take your Social Security before you reach your full retirement age, with the highest possible penalty being 25% in the event where you start taking benefits at age 62. While starting your benefits early might be attractive, those who are willing to wait can boost their benefits by up to 30% (including COLA increases) by holding out until full retirement age.
Work Part-Time During Retirement:
Although you are restricted in how much you can earn if you are under full retirement age and collecting Social Security, when you finally achieve full retirement age you are allowed to make as much as you would like without your retirement benefits being reduced. Another idea is to get a part-time job once you retire and postpone taking Social Security benefits.
Collect Based on Your Spouse's Earnings:
If you're married, it is possible to apply for 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 may need to do some planning to make sure you maximize your benefits, however this is definitely a technique to take into consideration if one spouse earns significantly more than the other, or if one spouse has been out of the work force for quite a while.
Tap Into 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 aren't currently married to someone else, you'll be able to collect up to 50% of your ex spouse's benefits. It's not necessary to communicate with your ex-spouse to claim your benefits; in fact they will never know if you don't let them know, plus it will not affect their benefits in any way.
These are just a few tips to help you maximize your Social Security retirement income. Collecting your Social Security retirement income can be an extremely complex decision and will affect the rest of your retirement, so please consult with a professional prior to you making any decisions on your own.
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