There are a number of choices to make, both psychologically and monetarily, as you prepare to retire. One of the biggest choices you must make is when to begin collecting your Social Security income. Many of the questions you may want to consider include:

Should you collect Social Security at age 62 or 66, or even later?

In case you didn't have a hundred questions concerning Social Security before, you should now! Here are some tips to help you get the maximum Social Security retirement income you are entitled to:

Increase Your Social Security Income:

Your Social Security retirement benefits is based on your highest 35 years of income therefore it's crucial to get as many "high earning" years in as possible. For this reason, staying at work for just one year more at a high compensating job can make a big difference in your retirement income.

Delay Applying for Your Social Security Retirement Benefits:

You are penalized for each month you take your Social Security before you reach your full retirement age, with the highest possible penalty being 25% if where you start collecting benefits at age 62. While receiving your benefits earlier might be attractive, those who are willing to wait can improve their Social Security income by as much as 30% (including cost of living increases) by holding out until full retirement age.

Work Part-Time During Retirement:

Although you are limited in how much you are able to earn while you're below full retirement age and collecting Social Security, when you finally reach full retirement age you are allowed to earn as much as you desire without your retirement benefits being reduced. One other strategy is to get a part-time job after you retire and delay collecting Social Security benefits.

Apply for Benefits Based on Your Husband or Wife's Income:

If you're married, it is possible to withdraw Social Security spousal benefits based on your earnings, or you can 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 make certain you maximize your benefits, however this is definitely a technique to take into account if one spouse earns substantially more compared to the other, or perhaps if one spouse has been out of the work force for quite a while.

Tap Into Your Ex Spouse's Benefits:

The spousal benefit pertains to ex-spouses too. If you were married to your ex-spouse for a minimum of 10 years, and you are not presently married to someone else, you may collect up to 50% of your ex spouse's benefits. You do not have to contact your ex-spouse to apply for your benefits; in fact they may never know if you don't tell them, plus it won't have an effect on their own benefits in any way.

These are just some guidelines to help you maximize your Social Security retirement income. Withdrawing your Social Security retirement income can be a very complicated decision and can affect the rest of your retirement, so remember to contact a professional prior to you making any decisions on your own.

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