How do I set my timeline to maximum privacy on Facebook?

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Facebook often makes minor changes to how user information is displayed — usually slight tweaks that go unnoticed by the general public. Occasionally, Facebook does a huge overhaul on the way the site operates. A recent example of this is the introduction of the Facebook Timeline.

Facebook Timeline became the de facto layout for all Facebook users starting on March 31, 2012. Timeline offers a way to refresh your personal history and create a more customizable, interactive and visually appealing way to display all the big moments of your life. The Timeline is the area previously referred to as the “Wall.” While the format has changed, the concept hasn’t changed a great deal. You still can post to other people’s pages and share links, photos, videos and more. The new element is the Timeline Navigator, a chronological diary of your entire Facebook history, from birth to the present. Privacy settings have also been given a boost: You now have a lot more control over exactly who can see every post, photo, video and link.