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Social Security Benefits: Recommendations To Help You Maximize Your Social Security Retirement Income
One of the decisions you need to make as you prepare to retire is without question when is the best time to start taking your Social Security retirement income. There are lots of questions involved in this specific decision, such as:. One of the primary choices you have to make is at what age to start collecting your Social Security benefits. Some of the issues you may want to think about include:
Should you collect Social Security at age 62 or 66, or even later?
When should your wife or husband apply for their benefits? Here are some tips to help you get the maximum Social Security retirement income you are entitled to:
Boost Your Social Security Earnings:
Your Social Security retirement benefits is dependent on your highest 35 years of salary as a result it's essential to get as many "high earning" years in as possible. Consequently, staying at work for just one year more at a good paying job could make a big difference with your retirement benefit.
Delay Applying for Your Social Security Retirement Income:
Social Security penalizes you for every month you take your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you begin collecting benefits at age 62. Although receiving your benefits earlier may very well be tempting, those who are patient can increase their Social Security retirement income by as much as 30% (including cost of living increases) just by waiting until full retirement age.
Work Part-Time During Retirement:
While you are limited in how much money you are able to make while you're below full retirement age and receiving Social Security, as soon as you reach full retirement age you are able to earn as much income as you desire without your retirement benefits being decreased. One other suggestion may be to take a part-time job once you retire so that you can delay applying for Social Security benefits.
Collect Based on Your Husband or Wife's Benefits:
Whenever you are married, you are able to withdraw Social Security spousal benefits based on your own earnings, or you could collect half of your spouse's benefit, whichever is bigger. If you and your spouse aren't the same age, you'll need to do some planning to guarantee you get the maximum benefits, but this is definitely a strategy to consider if one spouse makes considerably more compared to the other, and also if one spouse has been away from the work force for several years.
Tap Into Your Ex'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 are not presently married to another individual, you are able to collect up to 50% of your ex spouse's benefits. You don't have to speak with your ex-spouse to claim your benefits; in fact they may never find out unless you tell them, and it won't change their benefits in any way.
These are just some stategies to help you to increase your Social Security benefits. Withdrawing your Social Security benefits can be a very confusing decision and can have an effect on the rest of your retirement, so remember to work with a specialist before you make any decisions on your own.
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