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Social Security Income: Recommendations To Help You Maximize Your Social Security Retirement Benefits
There are lots of decisions to make, both emotionally and financially, as you prepare to retire. One of the primary decisions you need to make is when to start collecting your Social Security benefits. A few of the issues you'll need to think about include:Should you start Social Security at 62 or 66, or even later?
When should your spouse start taking benefits? Here are some tips 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 top 35 years of earnings therefore it's essential to get as many "high earning" years in as possible. As a result, continuing to work just one year longer in a high paying job might make a big difference with your retirement income.
Delay Getting Your Social Security Income:
You are penalized 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 receiving benefits at age 62. Although starting your benefits early might be tempting, those who are patient can increase their Social Security retirement benefits by approximately 30% (including COLA increases) by waiting until full retirement age.
Work Part-Time During Retirement:
While you are limited in the amount you are allowed to make when you are under full retirement age and collecting Social Security, as soon as you reach full retirement age you are able to earn as much income as you choose without your retirement benefits being decreased. Another thought is to take a part-time job after you retire so that you can delay receiving Social Security benefits.
Apply for Benefits Based on Your Spouse's Earnings:
If you're married, you are able to withdraw 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 ensure you maximize your benefits, but this is definitely a strategy to think about if one spouse makes substantially more than the other, or even if one spouse has been out of the work force for several years.
Tap Into Your Ex's Benefits:
The spousal benefit pertains to ex-spouses as well. If you were married to your ex-spouse for not less than 10 years, and you aren't currently married to someone else, you are able to collect up to 50% of your ex spouse's benefits. You don't have to talk to your ex-spouse to apply for your benefits; in fact they will never know unless you tell them, and it won't influence their own benefits in any way.
These are just a few suggestions to help you maximize your Social Security benefits. Withdrawing your Social Security benefits can be a very difficult decision and may have an effect on the rest of your retirement, so please check with a professional before you make any decisions on your own.
Social Security Spousal Benefit: What Benefits Is Your Spouse Eligible For?
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:
How Are Social Security Benefits Calculated? Several Points & Aspects Affecting The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
Completely New Guidelines Suggest A Lot More Individuals Doing Roth IRA Conversions In 2010
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Important Information About Financial Planners
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Retirement Savings Become Even More Crucial As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
How To Restore Your Own Credit Check Score In 5 Straightforward Methods
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