Answer: The best age to start collecting Social Security benefits depends on your individual circumstances. You can start as early as age 62, but your monthly benefit amount will be reduced. On the other hand, if you can wait until your full retirement age (between 66 and 67, depending on your birth year), you’ll receive your full benefit amount. Delaying benefits beyond your full retirement age can increase your monthly benefit amount even further, up until age 70.

Answer: Yes, you can work and collect Social Security benefits at the same time. However, if you start collecting benefits before your full retirement age and your earnings exceed a certain limit, your benefits may be reduced. Once you reach your full retirement age, there is no limit on your earnings and your benefits will not be reduced.

Answer: Yes, you may be eligible to claim Social Security benefits based on your spouse’s earnings. If you are married and your spouse is receiving Social Security benefits, you can claim a spousal benefit, which can be up to 50% of your spouse’s benefit amount. This can be a valuable strategy, especially if you are entitled to a lower benefit amount based on your own earnings.

Answer: The maximum Social Security benefit amount you can receive depends on the year you retire and your earnings history. As of 2021, the maximum monthly benefit amount at full retirement age is $3,895. However, most individuals receive less than the maximum benefit amount. Your actual benefit amount will be calculated based on your highest 35 years of earnings and the age at which you start collecting benefits.

Answer: Yes, Social Security benefits can be subject to federal income tax. The amount of your benefits that is taxable depends on your combined income, which is calculated by adding your adjusted gross income, any tax-exempt interest, and half of your Social Security benefits. Depending on your level of combined income, up to 85% of your Social Security benefits may be subject to tax.

Answer: Once you start collecting Social Security benefits, you generally cannot change your benefit amount. However, there is one exception. If you started collecting benefits early (before your full retirement age) and later decide that you want to suspend your benefits, you can do so if you are at or above your full retirement age. By suspending your benefits, you can earn delayed retirement credits, which can increase your future benefit amount.