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File and suspend pays off!

How to grab more money from social security

by roger chartierRoger Chartier -author of

Using this retirement programs benefits married people can get more income from the social security department through the "file and suspend" part of the program.

It is also called "voluntary suspension" or "claim and suspend".

Say you are going to retire at 66 and your wife is 65. She wants some income for the family that is more than most folks would realize that they are entitled to get.

Well she can collect from your social security when you as the main beneficiary reach age 66 (if you are born between 1943 and 1954) on your earnings, which are much higher than her smaller earnings, would pay out.


What she would be able to get!

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She normally is entitled to half of the partner's earnings and now that could be say $1,000 of the $2,000 that you are entitled to at age 66.

Filing on her own income might pay only a lower amount, say $350, so your income pays better for her.

The thing is that you, the main beneficiary, want to stay un retired as far as collecting for yourself, so you have to file a "file and suspend" on your own social-security.

This allows her when you are age 66 to start collecting from your social security at the rate of 50% of the main beneficiary's account as is normal.

You don't start to collect until you reach your desired age of 70. In this case you can gain about 8% more a year after the age of 66 up to the age of 70 on retirement payments from the social-security dept.

The advantage here is that she gets the difference between $350 and $1,000, which is $650 more than she would have gotten each month on her own earnings.

You will get about 32% more in your own retirement by waiting until you are 70 to start collecting.

For the main beneficiary that is an increase of $2,000 to $2,640 a month showing a $640 increase on social security payments to the main beneficiary.

So, between her increase and yours there is a sizeable sum of money to be had for thinking clearly and taking the time to read this article first.

Tah Dah!

Sounds like a good deal to me. Think about it and check out the details for yourself with your Social Security department before you make a move.

Think about this, when you are not at full retirement age yet and file for Social Security, that is an automatic application for your benefit and your spousal benefit.

You will then get the larger amount of the two.

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