Some techniques can help you maximize Social Security benefits.
* Payback. You can start to receive checks as early as age 62. If you find you don’t need the money, you can pay back the total you’ve collected, without paying interest. Then you can start again, when you’re older, and collect larger monthly checks.
The latest you can start is age 70. Your monthly benefit at age 70 will be about 75% higher than your benefit would be if you started at 62.
* Start and stop. This technique works well for couples where one spouse earned much more than the other, and thus will receive much higher Social Security benefits. Both spouses might start their benefits when the higher earning spouse reaches full retirement age (now 66). The lower earning spouse will receive a benefit that can be as great as 50% of the higher earning spouse’s benefit.
Then the higher earner can request a halt in benefits, if the money is not immediately needed. The lower earner will continue to receive the benefit based on the higher earner’s history. The higher earner eventually can resume benefits, any time up to age 70. The later benefits start, the larger each Social Security check will be.
