This month, Bill Harris talks about a very hot topic in Social Security planning: ‘File and Suspend’.
“File and suspend” is a strategy that can raise benefits for married couples through the use of spousal benefits and delayed retirement credits. Here’s how “file and suspend” may work. Meet Romeo and Juliette, married, age 66 and 62 respectively. Romeo is the wage-earning spouse. Upon reaching Full Retirement Age (age 66), Romeo files for Social Security and simultaneously suspends his benefits.