The “file and suspend” strategy can potentially boost your household income immediately, while also allowing for future increases to your social security income. The strategy works well for couples in which one spouse worked (or still works) full-time, and the other spouse didn’t work or only worked for a limited time with limited income.
If your benefit is more than double your spouse’s, this strategy could effectively work as part of your comprehensive financial plan.1
How to Apply the File and Suspend Strategy
To utilize the file and suspend strategy, you apply for retirement benefits at the full retirement age (age 66 if you were born within 1943-1954)2, allowing your spouse to collect their benefits based on your earnings record. Then, you immediately suspend your own benefits and delay claiming them until they are worth more at an older age. Your benefits will increase by an additional 8% for each year you delay collecting beyond your normal retirement age, up until you turn age 70.
[+] Read More