Social Security: Simplified - The Complete Guide To Understanding Social Security (Social Security, Social Security Simplified, Social Security Disability) by ClydeBank Finance

Author:ClydeBank Finance [Finance, ClydeBank]
Language: eng
Format: epub, azw3, mobi, pdf
Publisher: ClydeBank Media LLC
Published: 2015-06-02T07:00:00+00:00

File and Suspend

Another strategy often employed by couples is the file and suspend technique, mentioned briefly in Chapter 2. If Greg and Beth were to use this technique, Greg would file at his full retirement age of 66 instead of waiting until he reached age 70. He would then elect to suspend payments on his benefits. Meanwhile, since Greg has technically filed his Social Security claim, Beth is now allowed to file for spousal benefits (worth ½ of Greg’s benefits) so long as she is at least 62 years old, even though Greg is not actually receiving payments. If Greg and Beth both live late into their eighties, the file and suspend method can increase the total value of their Social Security payments by over 10 percent.

The file and suspend strategy works best when the higher earning spouse wants to keep working late into his or her sixties, and the lower earning spouse is looking to retire but wants to do so with a more substantial benefit to replace the missing income.

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