Social Security Retirement Benefits: Guidelines To Help You Make The Most Of Your Social Security Income
One of the decisions you need to make when you get ready to retire will be when to start taking your Social Security retirement income. There are lots of issues involved in this specific decision, including:. One of the most significant decisions you need to make is when to start collecting your Social Security income. Some of the issues you may want to take into consideration include:
What age should you start collecting Social Security - 62, 66 or 70?
If you didn't have 100 questions about Social Security before, you should now! Here are some tips 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 top 35 years of earnings so it's important to get as many "high earning" years in as possible. That is why, staying at work for even one year longer in a high paying job could create a big difference with your retirement benefit.
Hold off Taking Your Social Security Income:
You are penalized for every month you take your Social Security before you reach your full retirement age, with the highest possible penalty being 25% if where you begin collecting benefits at age 62. Though starting your benefits early might be tempting, those who are willing to wait can increase their Social Security retirement benefits by as much as 30% (this includes COLA increases) by waiting until full retirement age.
Work Part-Time During Retirement:
Although you are limited in how much money you are able to bring in if you are under full retirement age and collecting Social Security, once you reach full retirement age you may earn as much income as you desire without your retirement benefits being cut. Another thought is to take a part-time job once you retire and delay receiving Social Security benefits.
Collect Based upon Your Spouse's Earnings:
If you're married, you can withdraw Social Security spousal benefits based on your earnings, or you could collect half of your spouse's benefit, whichever is bigger. If you and your spouse are not the same age, you may need to do some planning to ensure you maximize your benefits, but this is definitely a technique to consider if one spouse makes a lot more than the other, or even if one spouse has been out of the work force for many years.
Tap Into Your Ex Spouse's Benefits:
The spousal benefit applies to ex-spouses also. If you were married to your ex-spouse for a minimum of 10 years, and you also aren't currently married to someone else, you can collect up to 50% of your ex spouse's benefits. You do not have to talk to your ex-spouse to claim your benefits; actually they will never know unless you tell them, plus it won't have an impact on their benefits at all.
These are just a few suggestions to help you maximize your Social Security retirement benefits. Withdrawing your Social Security retirement income can be a very difficult decision and can influence the rest of your retirement, so please check with a professional before you make any decisions on your own.
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