This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Social Security Tips For Couples

"A client recently used this strategy where the husband decided to file and suspend his benefit at age 66 so that the wife could take a spousal benefit until they both begin taking their own benefits at age 70," Koehnen says. "She is now getting about $1,100 per month for the next four years, which will result in over $55,000 of additional funds."

5. ... or a file-and-restrict strategy

A strategy similar to file-and-suspend is called file-and-restrict. This approach also bring spouse's benefits into the mix, but unlike file-and-suspend, one of the spouses must be collecting his or her regular benefits in this scenario.

"If you are 66 and your spouse is collecting Social Security based on her earnings history, you can file and restrict your application and qualify for your spousal benefit based on her earnings history," Tucker says. "By doing this, you will collect a spousal benefit while you postpone collecting your own benefit, which continues to grow."

Then, when your regular benefit has grown to a level that satisfies you, you can withdraw your restriction and begin collecting that amplified benefit for the rest of your life.

(Correction: An earlier version of this story indicated that both partners in a marriage could file and suspend their benefits to allow one partner to collect spouse's benefits. But SSA indicates that only one partner should file and suspend to enable spouse's benefits for the other partner. The nonfiling partner can file for spouse's benefits once the other partner files and suspends, allowing both partner's regular retirement benefits to continue growing until age 70.)

null
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs