Medical Billing

There are numerous choices to make, both emotionally and financially, as you plan for retirement. One of the greatest choices you have to make is when to start collecting your Social Security income. Among the questions you will need to think about include:

There are many choices to make, both emotionally and financially, when you plan for retirement. One of the most significant decisions you have to make is when to start receiving your Social Security retirement benefits. Several questions you will need to contemplate include:

When should you begin collecting Social Security - 62, 66 or 70? What is the best age should your spouse start collecting Social Security? Will you receive your spouse's benefits if he/she dies before you? When is it better to collect based on your spouse's earnings record? Can you collect on an ex-spouse's earnings?

In case you didn't have a 100 questions about Social Security before, you should at this point! Here are some tips to help you get the maximum Social Security retirement benefit you are entitled to:

Boost Your Social Security Earnings:

Your retirement benefit is dependant on your top 35 years of income which means that you'll want to get as many "high earning" years in as you can. For this reason, staying with your job just one year longer at a significant earning job could make a big difference in your retirement benefit.

Hold off Collecting Your Social Security Income:

Social Security penalizes you for every month you receive your Social Security before you reach your full retirement age, with the maximum penalty being 25% if you begin receiving benefits at age 62. Even though beginning your benefits early may very well be attractive, those people who are willing to wait can raise their Social Security retirement benefits by approximately 30% (this includes COLA increases) simply by waiting until full retirement age.

Work Part-Time While in Retirement:

Although you are limited in how much you can generate while you are below full retirement age and receiving Social Security, after you reach full retirement age you are able to make as much as you choose without your retirement benefits being decreased. Another idea could be to take a part-time job when you finally retire so that you can postpone collecting Social Security benefits.

Apply for Benefits Based upon Your Spouse's Benefits:

If you are married, it is possible to withdraw Social Security retirement benefits based on your own earnings, or you may collect half of your spouse's benefit, whichever is larger. If you and your spouse aren't the same age, you may need to do some planning to guarantee you maximize your benefits, however this is definitely a strategy to think about if one spouse makes a lot more compared to the other, and also if one spouse has been away from the work force for many years.

Tap Into Your Ex Spouse's Benefits:

The spousal benefit is true for ex-spouses as well. If you were married to your ex-spouse for a minimum of 10 years, and you aren't currently married to another person, you can collect as much as 50% of your ex spouse's benefits. It's not necessary to contact your ex-spouse to apply for your benefits; in fact they will probably never learn if you don't tell them, also it will not affect their own benefits in any way.

These are just a couple of ideas to help you maximize your Social Security retirement benefits. Withdrawing your Social Security benefits can be a very complicated decision and may affect the rest of your retirement, so remember to contact a professional before you make any decisions yourself.