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Social Security Retirement Income: Ideas To Help You Maximize Your Social Security Retirement Income
There's a lot of decisions to make, both emotionally as well as monetarily, as you prepare to retire. One of the primary choices you have got to make is when to start receiving your Social Security income. A few of the issues you'll need to think about include:
Should you collect Social Security at 62 or 66, or even later?
In case you didn't have 100 questions regarding Social Security before, you should at this point! Here are some tips to help you get the maximum Social Security retirement income you are entitled to:
Boost 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 possible. Consequently, continuing to work just one year more in a significant compensating position can make a big difference with your retirement income.
Delay Applying for Your Social Security Income:
You are penalized for every month you collect 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. Although receiving your benefits early may be attractive, those people who are willing to wait can increase their Social Security retirement income by as much as 30% (including COLA increases) simply by waiting until full retirement age.
Work Part-Time While in Retirement:
Although you are limited in how much money you are able to make while you're under full retirement age and collecting Social Security, after you attain full retirement age you are allowed to earn as much income as you choose without your retirement benefits being decreased. One other strategy would be to take a part-time job when you finally retire and delay applying for Social Security benefits.
Apply for Benefits Based on Your Husband or Wife's Income:
If you are married, you are able to collect Social Security spousal benefits based on your earnings, or you could collect half of your spouse's benefit, whichever is greater. If you and your spouse aren't the same age, you'll need to do some planning to ensure you maximize your benefits, but this may possibly be a technique to think about if one spouse makes substantially more compared to the other, or perhaps if one spouse has been out of the work force for quite some time.
Draw on Your Ex Spouse's Benefits:
The spousal benefit pertains to ex-spouses also. If you were married to your ex-spouse for a minimum of 10 years, and you are not currently married to another person, you'll be able to collect as much as 50% of your ex spouse's benefits. You do not have to speak with your ex-spouse to apply for your benefits; in fact they will probably never learn unless you inform them, plus it won't change their own benefits in any way.
These are just some suggestions to help you increase your Social Security benefits. Receiving your Social Security retirement income can be a very confusing decision and can have an effect on the rest of your retirement, so remember to check with a professional before you make any decisions yourself.
Spousal Benefits: Applying For Social Security Benefits
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:
Submitting Your Social Security Application: When And How
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
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