Social Security Claiming strategies for Married Couples

If you are married and at full retirement age which is currently 66, then you can take advantage of two strategies: file and suspend and filing a restricted application for spousal benefits only. The file and suspend method which just expired on April 29 allowed the higher income spouse to suspend their benefit and earn an 8% premium per year until age 70. The lower earning spouse could then immediately get 1/2 of the higher income spouse's benefit. The second strategy is filing a restricted application for spousal benefits only. This method allows one spouse to get benefits from the other spouse's account while deferring benefits on their own account earning the 8% premium per year until age 70. At age 70, they would switch to their own account. Sometimes it is called get some now and then get more later. The restricted application is available to all those born January 1, 1954 or before. Social security is a very important source of cash flow in retirement.