Social Security Old Age Earnings: Suggestions To Help You Make The Most Of Your Social Security Benefits

As you find yourself getting closer to retiring, determining when to start collecting your Social Security retirement benefits might seem like throwing darts at a dart board. There are several choices to make, like:. One of the greatest choices you will need to make is at what age to begin receiving your Social Security benefits. Among the issues you may need to take into account include:

When should you begin receiving Social Security - 62, 66 or 70?

When should your wife or husband start taking benefits? Here are some guidelines to help you get the maximum Social Security retirement income you are entitled to:

Boost Your Social Security Earnings:

Your Social Security retirement benefits will depend on your highest 35 years of earnings as a result you'll want to get as many "high earning" years in as you can. That is why, working just one year more in a good earning position might make an impact with your retirement benefit.

Hold off Collecting Your Social Security Benefits:

Social Security penalizes you for each month you collect your Social Security before you reach your full retirement age, with the maximum penalty being 25% in instances where you begin taking benefits at age 62. Even though collecting your benefits early may very well be luring, those people who are patient can boost their Social Security retirement income by up to 30% (including COLA increases) just by holding out until full retirement age.

Work Part-Time While in Retirement:

While you are restricted in how much money you can generate while you are under full retirement age and receiving Social Security, whenever you arrive at full retirement age you are able to get paid as much income as you want without your retirement benefits being lowered. One other idea may be to get a part-time job whenever you retire so that you can postpone applying for Social Security benefits.

Collect Based on Your Husband or Wife's Earnings:

Whenever you are married, it is possible to receive Social Security spousal benefits based on your own income, or you could collect half of your spouse's benefit, whichever is larger. If you and your spouse aren't the same age, you may want to do some planning to make sure you get the maximum benefits, however this may possibly be a strategy to contemplate if one spouse makes significantly more compared to the other, or if one spouse has been away from the work force for quit some time.

Draw on Your Ex's Benefits:

The spousal benefit is true for ex-spouses also. If you were married to your ex-spouse for at least 10 years, and you are not currently married to another individual, you may collect as much as 50% of your ex spouse's benefits. It's not necessary to speak with your ex-spouse to claim your benefits; actually they will probably never find out if you don't advise them, and it will not have an impact on their benefits at all.

These are a few tips to help you to increase your Social Security retirement income. Applying for your Social Security benefits can be an extremely confusing decision and will impact the rest of your retirement, so you should consult with a specialist prior to you making any decisions yourself.

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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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