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There are several choices to make, both emotionally as well as financially, as you prepare to retire. One of the greatest choices you must make is when to start receiving your Social Security benefits. Some of the questions you'll need to take into account include:

What age should you start receiving 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:

Maximize Your Social Security Income:

Your Social Security retirement benefits will depend on your highest 35 years of income therefore it is advisable to get as many "high earning" years in as possible. Because of this, continuing to work just one year more at a high paying position could make a big difference in your retirement income.

Hold off Receiving Your Social Security Retirement Benefits:

You are penalized for every month you receive your Social Security before you reach your full retirement age, with the maximum penalty being 25% if where you start receiving benefits at age 62. Even though collecting your benefits earlier might be tempting, those people who are patient can increase their benefits by approximately 30% (including cost of living increases) by waiting until full retirement age.

Work Part-Time While in Retirement:

While you are limited in how much you are allowed to generate when you're below full retirement age and collecting Social Security, once you attain full retirement age you are able to earn as much as you choose without your retirement benefits being lowered. Yet another plan is to take a part-time job when you retire so that you can delay taking Social Security benefits.

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

If you're married, you can collect Social Security spousal benefits based on your own 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 will need to do some planning to make certain you maximize your benefits, but this is undoubtedly a strategy to consider if one spouse earns substantially more compared to the other, as well as if one spouse has been out of the work force for many years.

Take advantage of Your Ex's Benefits:

The spousal benefit applies to ex-spouses too. If you were married to your ex-spouse for not less than 10 years, and you are not presently married to someone else, you can collect as much as 50% of your ex spouse's benefits. You don't have to communicate with your ex-spouse to apply for your benefits; actually they may never know unless you inform them, and it won't affect their own benefits at all.

These are a few ways to help you maximize your Social Security retirement benefits. Receiving your Social Security benefits can be a very complex decision and may impact the rest of your retirement, so you should seek advice from a professional before you make any decisions yourself.

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