As a seniors, you may think that government benefits come with more strings than options. However, there are some strategies you can use to maximize your Social Security benefits. Deciding at what age to apply for benefits depends on a number of factors that can impact your monthly income.

What to Consider Before Claiming Your Social Security Benefit

Before making a decision about Social Security benefits, make a budget and consider all potential income sources. This may include a full-time or part-time job, investment and savings income, a pension, or even a reverse mortgage.

A reverse mortgage might be a good option to consider. Homeowners, age 62 and older, can use some of the equity in their home as a source for monthly income, a lump sum payment, or a combination of the two--without the requirement of paying the money back. Comparing reverse mortgage quotes from lenders can be a good place to start learning about this potential source of cash flow for seniors.

Social Security Benefits by Age

According to an October 2009 article, in Kiplinger's Retirement Report, individuals born between 1943 and 1954 can claim their full Social Security benefit at age 66. If you were born between those years, you can claim Social Security at age 62, but the benefit is reduced by a certain percentage for each month claimed before age 66.

Waiting a few years to claim Social Security earns you a bonus. In fact, individuals who wait until age 70 should earn a 32% bonus on their benefits, along with all accumulated cost-of-living adjustments since the date they turned 66.

Social Security Strategies

The Kiplinger article recommends that single seniors wait until their full retirement age (66) to claim benefits, so that they can receive the full benefit. Single people are more likely to run out of savings if they start collecting at age 62, and they often don't have enough saved to delay collecting benefits until age 70.

The strategy changes for married couples, who can coordinate start dates in order to maximize the benefits for the surviving spouse. If the higher-earning spouse delays applying for Social Security benefits, the surviving spouse can keep 100% of the higher benefits. You could also choose to claim one spouse's benefit first.

Investigating these strategies can result in higher cash flow for a longer period of time.