As you find yourself getting nearer to retirement living, deciding when to start collecting your Social Security retirement benefits may seem similar to rolling the dice. There's a lot of choices to make, including:. One of the greatest decisions you need to make is when to begin receiving your Social Security retirement benefits. The various questions you may need to take into account include:

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

At what age should your spouse start collecting Social Security?

What happens to your spouse's benefits (and yours) when he/she dies?

When is it better to collect based on your spouse's earnings record?

Is it possible to collect on an ex-spouse's benefits?

If your head wasn't spinning before, it is now! 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 will depend on your top 35 years of earnings thus you'll want to get as many "high earning" years in as you possibly can. For this reason, working just one year longer in a high earning position could create a big difference in your retirement benefit.

Hold off Getting Your Social Security Income:

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

Work Part-Time While in Retirement:

While you're limited in how much you can generate when you are under full retirement age and collecting Social Security, whenever you arrive at full retirement age you'll be able to make as much as you want without your retirement benefits being lowered. Another thought would be to get a part-time job whenever you retire and delay collecting Social Security benefits.

Collect Based on Your Spouse's Earnings:

If you are married, you are allowed to receive Social Security spousal benefits based on your earnings, or you can collect half of your spouse's benefit, whichever is larger. If you and your spouse aren't the same age, you might need to do some planning to ensure you maximize your benefits, however this may possibly be a technique to take into account if one spouse earns significantly more than the other, or even if one spouse has been out of the work force for quit some time.

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 another person, you could collect as much as 50% of your ex spouse's benefits. You do not have to contact your ex-spouse to claim your benefits; actually they will never know if you don't advise them, also it won't have an effect on their benefits at all.

These are just a couple of suggestions to help you increase your Social Security income. Applying for your Social Security retirement benefits can be a very complicated decision and will impact the rest of your retirement, so make sure you check with a professional prior to you making any decisions yourself.

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