There are plenty of decisions to make, both psychologically as well as financially, as you prepare to retire. One of the greatest choices you need to make is when to begin receiving your Social Security benefits. Some of the issues you may want to take into account include:

What age should you begin receiving Social Security - 62, 66 or 70?

When should your wife or husband start taking benefits? 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 will depend on your highest 35 years of earnings thus it is advisable to get as many "high earning" years in as possible. Consequently, staying at work for even one year more in a high earning position could make a big difference with your retirement income.

Hold off Collecting Your Social Security Income:

You are penalized for each month you receive your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you begin collecting benefits at age 62. Even though collecting your benefits early may be luring, those people who are patient can increase their Social Security retirement income by as much as 30% (this includes COLA increases) by holding out until full retirement age.

Work Part-Time While in Retirement:

While you are limited in how much money you are able to bring in while you are under full retirement age and collecting Social Security, whenever you attain full retirement age you can earn as much income as you desire without your retirement benefits being lowered. Yet another thought would be to get a part-time job when you finally retire so that you can delay applying for Social Security benefits.

Apply for Benefits Based upon Your Husband or Wife's Earnings:

If you are married, you are allowed to collect Social Security spousal benefits based on your own earnings, or you could collect half of your spouse's benefit, whichever is greater. If you and your spouse are not the same age, you may want to do some planning to ensure you maximize your benefits, however this is undoubtedly a strategy to consider if one spouse makes a lot more compared to the other, or even if one spouse has been out of the work force for quit some time.

Take advantage of Your Ex's Benefits:

The spousal benefit applies to ex-spouses also. If you were married to your ex-spouse for a minimum of 10 years, and you also are not currently married to another person, you could collect as much as 50% of your ex spouse's benefits. You don't have to speak with your ex-spouse to apply for your benefits; actually they will probably never know if you don't inform them, and it won't change their own benefits at all.

These are a few suggestions to help you increase your Social Security income. Receiving your Social Security benefits can be a very confusing decision and can impact the rest of your retirement, so you should check with a professional prior to you making any decisions yourself.

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