File and suspend is a way to boost Social Security payments for one Spouse while allowing the other to get payments now. Let’s look at Ken & Barbie.

Ken & Barbie are age 66, Ken wants to keep working, and Barbie wants to hang around her dream house. Ken’s Social Security payment at age 66 would be $2000, Barbie’s would be $900. If Ken files, but suspends taking his payment, his benefit will grow by 8%/year until age 70. Barbie can now receive her Spousal benefit on Ken’s record, receiving $1000/month. Barbie has now increased her monthly benefit by 11%, and Ken will now receive $2640/month at age 70. They can buy some new furniture for the dream house with the extra $100/mo. she will receive by using this strategy.

Go to www.ssa.gov and check out what your benefits are.

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