There are lots of choices to consider, both psychologically as well as financially, while you prepare to retire. One of the greatest decisions you must make is at what age to begin receiving your Social Security benefits. The various issues you'll need to take into account include:

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

When should your spouse 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 Income:

Your Social Security retirement benefits will depend on your top 35 years of income which means that it is advisable to get as many "high earning" years in as you possibly can. As a result, continuing to work just one year longer at a good earning position could make a big difference with your retirement income.

Hold off Getting Your Social Security Retirement Benefits:

Social Security penalizes you for each 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. Even though starting your benefits earlier could be luring, those people who are patient can improve their Social Security retirement benefits by as much as 30% (including inflation increases) just by holding out until full retirement age.

Work Part-Time While in Retirement:

While you are limited in the amount you are able to generate when you are below full retirement age and receiving Social Security, whenever you attain full retirement age you can make as much income as you choose without your retirement benefits being lowered. Another plan could be to get a part-time job when you retire so that you can delay receiving Social Security benefits.

Apply for Benefits Based on Your Spouse's Income:

When you're married, you are allowed to collect Social Security spousal benefits based on your own earnings, or you may 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 certain you get the maximum benefits, however this is undoubtedly a strategy to take into account if one spouse makes substantially more than the other, as well as if one spouse has been away from the work force for quit some time.

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 aren't presently married to somebody else, you could collect as much as 50% of your ex spouse's benefits. You don't have to talk to your ex-spouse to apply for your benefits; actually they may never find out if you don't inform them, and it won't influence their own benefits at all.

These are just a few ways to help you get the maximum Social Security income. Receiving your Social Security benefits can be a very difficult decision and can impact the rest of your retirement, so please seek advice from a specialist prior to you making any decisions yourself.

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