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Horizon Elder Law & Estate Planning Blog

Tuesday, July 26, 2016

Married Couples Can Maximize Social Security Benefits through File and Suspend

It works this way: at retirement age, the working spouse files for benefits and immediately suspends them. The non-working spouse can receive spousal benefits while the worker remains employed. The longer the worker delays retirement, the more credits he accumulates. His benefits can increase up to 8 percent a year by delaying retirement beyond full retirement age. 

Example: husband and wife are at full retirement age. Wife wants to collect benefits while husband continues working. If husband retires now, he receives $2,000 a month. Husband files for benefits and immediately suspends. Wife files for spousal benefits. She receives $1,000 a month on his record. Husband continues to work and retires at age 70. When he retires, he can get up to $2,800 a month in benefits.

To see if this strategy will work for you, contact your elderlaw attorney.


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