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Social Security Old Age Benefits: Recommendations To Help You Make The Most Of Your Social Security Retirement Income As you get nearer to retiring, making a decision on when to start receiving your Social Security retirement benefits may seem similar to rolling the dice. There are lots of decisions to make, including:. One of the most significant decisions you will have to make is when to begin collecting your Social Security income. A few issues you may need to take into consideration include: Is there a most appropriate age to start receiving your Social Security benefits? If you didn't have 100 questions concerning Social Security before, you should now! Here are some guidelines to help you get the maximum Social Security retirement income you are entitled to: Boost Your Social Security Earnings: Your Social Security retirement benefits will be based upon your top 35 years of earnings therefore it's crucial to get as many "high earning" years in as you are able to. Consequently, working even one year longer in a high compensating job could create an impact with your retirement benefit. Postpone Taking Your Social Security Benefits: You are penalized for each month you take your Social Security before you reach your full retirement age, with the highest possible penalty being 25% in instances where you begin taking benefits at age 62. Though starting your benefits early might be attractive, those who are willing to wait can raise their Social Security retirement income by up to 30% (this includes COLA increases) by holding out until full retirement age. Work Part-Time During Retirement: Although you are restricted in how much money you can get paid if you are under full retirement age and collecting Social Security, when you finally reach full retirement age you may get paid as much income as you want without your retirement benefits being cut. Another thought is to get a part-time job after you retire and postpone applying for Social Security benefits. Collect Based upon Your Spouse's Earnings: If you're married, it is possible to withdraw Social Security spousal benefits based on your income, or you could collect half of your spouse's benefit, whichever is larger. If you and your spouse are not the same age, you may need to do some planning to make sure you maximize your benefits, however this is definitely a technique to bear in mind if one spouse makes a lot more than the other, or even if one spouse has been out of the work force for quite a while. Tap Into Your Ex Spouse's Benefits: The spousal benefit goes for ex-spouses also. If you were married to your ex-spouse for at least 10 years, and you also aren't currently married to someone else, you'll be able to collect up to 50% of your ex spouse's benefits. It's not necessary to speak with your ex-spouse to claim your benefits; in reality they will never know if you don't tell them, plus it will not change their benefits in the slightest. These are just a few ideas to help you maximize your Social Security retirement income. Withdrawing your Social Security retirement income can be an extremely confusing decision and will influence the rest of your retirement, so please talk to a professional prior to you making any decisions on your own. Social Security Eligibility: Can A Full-Time Homemaker Get Social Security? When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first. How Are Social Security Benefits Calculated? Few Facts And Factors Having Effect On The Benefits One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years Social Security Survivor Benefits - What Occurs To Your Social Security Income When A Spouse Passes Away When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan. Completely New Policies Imply More People Doing Roth IRA Conversions In 2010 As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them. Few Valuable Hints- To Learn About Getting A 401K Plan. 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. Some Vital Facts Which You Need To Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Payday Loans:Find Out On It. Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? 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