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Delaying Social Security increases your options

Oct 29, 2012 | | Comments Comments Off

Dear Liz: I’m confused by your answer about the “file and suspend” strategy for boosting Social Security benefits. You wrote that the higher-earning, younger spouse in this case had to wait until her full retirement age if she wanted to use this strategy to let her husband claim a spousal benefit while her own benefit continued to grow.

I was told by a financial planner and thought I had confirmed on the Social Security website that once I am 62 and my spouse is 66 (his full retirement age), I can file for and suspend my benefits, allowing him to claim my spousal benefit.

Answer: You’re confusing two different strategies. If your husband waits until his full retirement age to apply for benefits, he has the option of receiving a spousal benefit and allowing his own benefit to continue growing. But he can receive the spousal benefit only if you’ve applied to receive your own benefits.

If you’re younger than your full retirement age, you don’t have the option to “file and suspend” — in other words, to apply for your benefit and then suspend your claim so your husband can get benefits while yours continue to grow.

“The strategy of filing for retirement and suspending the retirement benefits to allow your spouse to collect is only available after full retirement age,” Social Security Administration spokesman Lowell Kepke said.

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Categories : Q&A, Retirement