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Social Security: What You Need to Know
February 06, 2014


There is so much information out there on Social Security it’s tough to know where to start. The good news is that they (the Social Security Administration) finally went digital and have an incredible website with all kinds of useful information. The bad news is that they will not give you advice on what the best filing strategy is for you. Presumably this is because no one can be certain about the most critical variable – when you will die.

In researching the hundreds of different options you have to obtain benefits from Social Security, one in particular caught our attention; Claim/File and Suspend.

The ability to obtain an increased monthly benefit is, and should be, your #1 objective in making a decision on when and how to file. Here are some pointers on how Claim/File and Suspend works:

  • as long as you have reached Full Retirement Age, you can claim your benefit and then suspend it
  • suspending the payments means that they will start at a later date
  • during this time the 8% annual credit will continue growing
  • by claiming your benefit, your spouse is immediately eligible to receive another form of Social Security benefit – the dependent benefit
  • the end result is a potential increase of both the couple’s maximum Social Security income and the spouse’s survivor benefit

There is a so much information out there on the topic of Social Security in today’s media. Let us help you filter out some of the noise and provide you with a customized report outlining what the best filing strategy is for you.