There are a number of decisions to make, both psychologically and financially, as you prepare to retire. One of the biggest choices you will need to make is when to begin collecting your Social Security retirement benefits. A few of the questions you'll need to consider include:

Should you collect Social Security at 62 or 66, or even later?

At what age should your spouse start collecting Social Security?

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

Can you collect on your spouse's earnings record if he/she earned more than you?

Are you able to collect on an ex-spouse's benefits?

In case your head wasn't spinning before, it is now! 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 is based on your highest 35 years of earnings consequently it is critical to get as many "high earning" years in as possible. Because of this, continuing to work just one year more in a significant earning job might make a big difference in your retirement income.

Delay Applying for Your Social Security Benefits:

You are penalized for each month you receive your Social Security before you reach your full retirement age, with the highest penalty being 25% if where you start collecting benefits at age 62. While receiving your benefits early may be luring, those who are patient can increase their benefits by as much as 30% (including COLA increases) simply by holding out until full retirement age.

Work Part-Time During Retirement:

While you're limited in how much you are able to earn while you're under full retirement age and collecting Social Security, as you achieve full retirement age you'll be able to earn as much as you choose without your retirement benefits being reduced. One other idea would be to get 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 Earnings:

If you are married, you are allowed to apply for 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'll need to do some planning to make sure you maximize your benefits, however this is undoubtedly a strategy to think about if one spouse earns substantially more compared to the other, or if one spouse has been out of the work force for a few years.

Take advantage of Your Ex's Benefits:

The spousal benefit pertains to ex-spouses too. If you were married to your ex-spouse for a minimum of 10 years, and you are not currently married to another person, you could collect up to 50% of your ex spouse's benefits. You don't have to communicate with your ex-spouse to apply for your benefits; in fact they will probably never learn if you don't let them know, also it won't affect their own benefits in any way.

These are just some tips to help you increase your Social Security income. Collecting your Social Security retirement benefits can be a very complex decision and can affect the rest of your retirement, so remember to consult with a professional prior to you making any decisions on your own.

How To Maximize 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:

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