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Social Security Income: Recommendations To Help You Make The Most Of Your Social Security Retirement Income
On the list of decisions you need to make when you prepare to retire is going to be when to begin taking your Social Security retirement income. There are several questions associated with this particular decision, including:. One of the most significant choices you must make is when to start receiving your Social Security benefits. Examples of the issues you may want to take into consideration include:
What age should you start receiving Social Security - 62, 66 or 70?
When should your wife or husband apply for their benefits? Here are some suggestions to help you get the maximum Social Security retirement income you are entitled to:
Optimize Your Social Security Earnings:
Your Social Security retirement benefits will be based upon your highest 35 years of income thus it is advisable to get as many "high earning" years in as you possibly can. As a result, staying at work for even one year more at a high paying position might make an impact with your retirement benefit.
Hold off Collecting Your Social Security Retirement Benefits:
You are penalized for every month you receive your Social Security before you reach your full retirement age, with the maximum penalty being 25% in the event where you begin collecting benefits at age 62. Though collecting your benefits earlier may be tempting, those people who are patient can boost their Social Security retirement benefits by as much as 30% (this includes cost of living increases) by waiting until full retirement age.
Work Part-Time While in Retirement:
While you are restricted in the amount you are able to bring in while you are below full retirement age and collecting Social Security, as soon as you attain full retirement age you are able to make as much income as you desire without your retirement benefits being cut. Yet another plan would be to take a part-time job when you retire so that you can postpone receiving Social Security benefits.
Collect Based upon Your Husband or Wife's Income:
If you are married, you are able to collect Social Security spousal benefits based on your own income, or you may collect half of your spouse's benefit, whichever is bigger. If you and your spouse are not the same age, you may want to do some planning to make certain you maximize your benefits, but this is undoubtedly a strategy to take into consideration if one spouse makes a lot more compared to the other, as well as if one spouse has been out of the work force for several years.
Take advantage of Your Ex's Benefits:
The spousal benefit refers to ex-spouses as well. If you were married to your ex-spouse for a minimum of 10 years, and you also are not presently married to another person, you are able to collect as much as 50% of your ex spouse's benefits. It's not necessary to talk to your ex-spouse to claim your benefits; actually they may never know unless you inform them, and it will not influence their benefits at all.
These are a few ways to help you increase your Social Security benefits. Receiving your Social Security benefits can be an extremely difficult decision and can influence the rest of your retirement, so you should seek advice from a professional before you make any decisions yourself.
Key Points You Should Know About The Social Security Spousal Benefit
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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