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Social Security Income: Suggestions To Help You Make The Most Of Your Social Security Retirement Income One of the financial decisions you need to make as you prepare to retire is without question when is the best time to start collecting your Social Security retirement income. There are lots of questions involved in this decision, like:. One of the greatest choices you'll have to make is at what age to begin collecting your Social Security benefits. Some of the questions you may want to take into account include: When should you begin collecting Social Security - 62, 66 or 70? When should your wife or husband apply for their benefits? Here are some tips to help you get the maximum Social Security retirement income you are entitled to: Increase Your Social Security Earnings: Your Social Security retirement benefits will depend on your highest 35 years of salary which means 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 good compensating job might make a big difference in your retirement benefit. Hold off Applying for Your Social Security Retirement Income: Social Security penalizes you for each month you take your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you start collecting benefits at age 62. Even though receiving your benefits earlier may very well be attractive, those who are patient can increase their Social Security income by as much as 30% (including cost of living increases) just by holding out until full retirement age. Work Part-Time During Retirement: While you are limited in how much you are able to generate while you're below full retirement age and receiving Social Security, when you finally reach full retirement age you are able to earn as much as you desire without your retirement benefits being lowered. One other suggestion may be to get a part-time job once you retire so that you can delay taking Social Security benefits. Collect Based on Your Husband or Wife's Benefits: Whenever you are married, it is possible to withdraw Social Security spousal benefits based on your own 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'll need to do some planning to guarantee you get the maximum benefits, however this is definitely a strategy to consider if one spouse earns considerably more compared to the other, and also if one spouse has been away from the work force for quite a while. Tap Into Your Ex's Benefits: The spousal benefit applies 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 another individual, you may collect up to 50% of your ex spouse's benefits. You don't have to communicate with your ex-spouse to claim your benefits; actually they may never find out if you don't tell them, and it won't have an effect on their benefits at all. These are just some tactics to help you to increase your Social Security retirement income. Withdrawing your Social Security benefits can be a very complex decision and can impact the rest of your retirement, so remember to speak with a specialist prior to you making any decisions on your own. Don't Overlook The Social Security Spousal Benefit 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 You Will Find The Best Financial Planner To Reach Your Goal Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. Social Security Benefits: An Effective Discussion On Conditions To Obtain The Benefit & Ways To Collect After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? Submitting Your Social Security Application: When And How As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits? Social Security Benefits: Several Key Facts On COLA For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase. Important Information About Financial Planners There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you. Retirement Savings Become Extremely Important 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. |
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