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One of many financial decisions you have to make as you get ready to retire is when you should start collecting your Social Security retirement income. There are a lot of issues involved with this decision, like:. One of the primary decisions you will need to make is at what age to begin receiving your Social Security income. The various questions you will need to think about include:

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

If you didn't have 100 concerns concerning Social Security before, you should at this point! Here are some suggestions to help you get the maximum Social Security retirement income you are entitled to:

Increase Your Social Security Earnings:

Your Social Security retirement benefits is dependent on your top 35 years of earnings and so you'll want to get as many "high earning" years in as you possibly can. For this reason, being employed just one year longer in a significant compensating position can make a big difference in your retirement benefit.

Delay Receiving Your Social Security Benefits:

Social Security penalizes you for each month you collect your Social Security before you reach your full retirement age, with the highest possible penalty being 25% in the event where you start taking benefits at age 62. Although beginning your benefits early could be attractive, those people who are willing to wait can improve their Social Security income by up to 30% (including COLA increases) simply by holding out until full retirement age.

Work Part-Time While in Retirement:

Although you are limited in how much you can make when you're under full retirement age and receiving Social Security, when you finally arrive at full retirement age you are allowed to make as much as you would like without your retirement benefits being decreased. Yet another idea could be to get a part-time job whenever you retire and delay taking Social Security benefits.

Collect Based on Your Spouse's Earnings:

When you're married, it is possible to receive Social Security spousal benefits based on your earnings, or you can collect half of your spouse's benefit, whichever is bigger. If you and your spouse aren't the same age, you will need to do some planning to make sure you get the maximum benefits, however this may possibly be a technique to take into account if one spouse earns considerably more than the other, or if one spouse has been away from the work force for quite a while.

Draw on Your Ex Spouse's Benefits:

The spousal benefit refers to ex-spouses too. If you were married to your ex-spouse for at least 10 years, and you aren't currently married to somebody else, you'll be able to collect as much as 50% of your ex spouse's benefits. You do not have to communicate with your ex-spouse to claim your benefits; in fact they will never learn if you don't advise them, plus it won't have an effect on their benefits in any way.

These are just a couple of tips to help you get the maximum Social Security retirement income. Applying for your Social Security retirement income can be a very complex decision and will have an effect on the rest of your retirement, so make sure you consult with a specialist prior to you making 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:

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