Maximize Your Social Security

A good tool to increase your social security benefits if you are married and both at full retirement age is to take advantage of the file and suspend technique. The higher earning spouse applies for the benefit at full retirement age (age 66 for those born 1943 to 1954) and then asks that it be suspended and continue to earn delayed credits. The lower earning spouse can then file for a spousal benefit which gives them 50% of the other spouse's benefit. This does not reduce any future payment to the higher earning spouse. If the lower earning spouse's benefit is higher on their own account, they don't need to use this technique. The higher earning spouse can then claim their benefit at age 70 which will be 32% higher. When you apply for social security, remember the term "file and suspend" which may be a great strategy to maximize the family's social security.