You may be tempted to sign up for Social Security payments as soon as you're eligible, at age 62. After all, the trust fund is expected to be exhausted in 2037, according to the Social Security Board of Trustees. But you may be jumping the gun. That's because collecting at 62 probably won't get you the highest payout. Here are a few claiming strategies that could significantly increase your Social Security income.

Delay claiming.

Retirees who sign up for Social Security at younger ages get smaller payments over a longer period of time, while those who wait will get larger checks for their remaining years. Applications for early retired worker benefits are up 25 percent so far this year, compared with fiscal year 2008, because of a combination of factors: the sagging economy, aging baby boomers, and women claiming based on their own working record and not a spouse's. "I would argue [retirees] would be better off claiming later because then they get a higher benefit; you are getting more insurance against outliving your assets because Social Security benefits last as long as you live," says Andrew Biggs, a resident scholar at the American Enterprise Institute and a former deputy commissioner of the Social Security Administration.

Those born between 1943 and 1954 need to wait until age 66 to sign up if they want to receive their entire due. For employees born between 1955 and 1959, the full retirement age gradually increases from age 66 and 2 months to 66 and 10 months. The retirement age is 67 for those born in 1960 or later. Retirees who begin claiming at 62 will receive checks that are 25 to 35 percent smaller. Benefit checks further increase by 8 percent for each year you delay claiming up to age 70. After that, there's no further benefit to waiting.

Work longer.

Social Security payouts are based on your 35 highest-earnings years in the workforce. Each higher-paying year you work in your 60s effectively cancels out a year when you earned less. "I basically think working longer is the most important thing that people can do to protect themselves," says Alicia Munnell, director of the Center for Retirement Research at Boston College. "If you have a job and you can stay there, working as late as you possibly can is the way to have the most secure retirement." Social Security checks may be temporarily reduced if you continue to work after you sign up, but the payouts will increase once you reach your full retirement age.

Marital strategies.

Couples have more options to maximize their joint Social Security payout. Married workers are entitled to Social Security benefits based on their own earnings, or they may receive a payout equal to 50 percent of their spouse's benefit. The amount is lower if either party collects before full retirement age. Although it's generally better for single men to claim early because of their shorter life expectancy and for single women to delay claiming because they are likely to live longer, the opposite is true for couples wishing to boost their total payout. Couples can generally maximize their joint Social Security payouts by having the lower earner sign up as soon as possible at age 62 while the higher earner waits as long as possible to claim, ideally until age 70, according to the Center for Retirement Research at Boston College. This strategy typically works because when the higher earner passes away, the lower earner is eligible for survivor's benefits equal to the full amount of Social Security that the higher earner received. If one spouse doesn't have a significant working record, the higher earner can claim and immediately suspend his or her retirement benefits at the full retirement age. This will allow the nonworking spouse to receive a spousal benefit based on the working spouse's earning record, while still allowing the worker to get a higher payout later for delaying claiming.

Claim twice.

Couples with two incomes can actually claim Social Security twice, with a few caveats. Both spouses must have significant earnings, and at least one of them needs to be able to delay signing up until age 66. Although workers who file for Social Security before their full retirement age get the higher of either a payout based on their own working record or a spousal benefit, those who wait until their full retirement age can choose which of those benefits to receive and even receive both at different times. For example, if a husband claims his benefits at age 70, his 67-year old wife (who is above her full retirement age) can file for a spousal benefit based on his working record equal to 50 percent of his benefit. The wife can then continue working and file for Social Security benefits based on her own working record at age 70 and stop receiving the spousal benefit. In this scenario, the wife gains three years of spousal benefits.

A free loan.

If you signed up for Social Security at age 62 and your checks have been reduced, you can still get the higher payout at age 70. The catch: You have to pay back every cent you've received without interest. A savvy investor could feasibly collect and invest Social Security benefits, pay back the amount received, and keep the interest. "If you can invest the money at any positive interest rate, it's a good deal. There's money to be made," says Biggs. To receive more than a traditional worker claiming Social Security at age 62, a Social Security recipient who pays back all the money received between ages 62 and 70 and then starts over will need to live until at least age 81, according to Boston College calculations. Of course, if you should pass away shortly after paying back the benefits, you'll lose money.

Tip: Sign up early, and you'll get a smaller payment over a longer period of time. The benefit of waiting: Payouts increase by about 7 to 8 percent for each year you delay claiming between ages 62 and 70.

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