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Social Security Benefits: Ideas To Help You Make The Most Of Your Social Security Retirement Income
There are plenty of decisions to make, both psychologically as well as monetarily, while you prepare to retire. One of the primary choices you have got to make is when to begin receiving your Social Security retirement benefits. Examples of the issues you may want to think about include:
Should you apply for Social Security at 62 or 66, or even later?
At what age should your spouse start collecting Social Security?
What happens to your spouse's benefits (and yours) when he/she dies?
Can you collect on your spouse's earnings record if he/she earned more than you?
Is it possible to collect on your ex-spouse's earnings?
In case your head wasn't spinning before, it is now! 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 is dependent on your highest 35 years of income consequently it is advisable to get as many "high earning" years in as you possibly can. As a result, staying at work for just one year more in a significant earning position could create an impact with your retirement income.
Delay Collecting Your Social Security Income:
You are penalized for each month you receive your Social Security before you reach your full retirement age, with the highest penalty being 25% in the event where you begin collecting benefits at age 62. Although collecting your benefits early may be luring, those people who are willing to wait can boost their Social Security retirement benefits by as much as 30% (including COLA increases) simply by holding out until full retirement age.
Work Part-Time While in Retirement:
While you're restricted in the amount you are able to make while you are under full retirement age and collecting Social Security, whenever you attain full retirement age you may make as much income as you desire without your retirement benefits being decreased. One other strategy would be to get a part-time job when you retire and postpone receiving Social Security benefits.
Apply for Benefits Based on Your Husband or Wife's Income:
If you are married, you are allowed to collect Social Security spousal benefits based on your income, or you may collect half of your spouse's benefit, whichever is greater. If you and your spouse aren't the same age, you may want to do some planning to ensure you maximize your benefits, however this is undoubtedly a technique to take into consideration if one spouse makes substantially more compared to the other, or perhaps if one spouse has been out of the work force for quit some time.
Take advantage of Your Ex Spouse'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 are not currently married to another person, you could collect as much as 50% of your ex spouse's benefits. It's not necessary to talk to your ex-spouse to apply for your benefits; in fact they will probably never learn if you don't inform them, also it will not influence their own benefits in any way.
These are a few suggestions to help you increase your Social Security income. Receiving your Social Security retirement benefits can be an extremely difficult decision and can have an effect on the rest of your retirement, so you should check with a professional prior to you making any decisions yourself.
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