Personal Finance For Seniors For Dummies (Dummies Mini) by Tyson Eric & Carlson Robert C

Author:Tyson, Eric & Carlson, Robert C. [Tyson, Eric]
Language: eng
Format: epub
Tags: Business, Finance
ISBN: 9780470636961
Publisher: Wiley
Published: 2010-04-07T04:00:00+00:00

Strategy No. 2: Begin benefits twice

The Social Security law allows married couples to use a strategy we coin "beginning your benefits twice," which can increase lifetime benefits. With this strategy, a spouse initially begins benefits, either his own earned benefit or a spousal benefit. After a few years, he switches to the other benefit. The strategy can maximize lifetime benefits, depending on which spouse earned more income and when each begins receiving earned retirement benefits.

For instance, consider the example in the earlier section "Understanding the choices for spousal benefits," where the lower-earning spouse began benefits based on his own earnings record because the higher-earning spouse hadn't yet begun receiving benefits. After the higher-earning spouse began benefits, the lower-earning spouse switched to spousal benefits based on the higher-earning spouse's earned benefit at FRA. In this case, the lower-earning spouse began benefits twice.

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