The File and Suspend—Who is Eligible for Social Security File and Suspend?
Josh Jalinski, the Financial Quarterback, WOR Radio NYC
I had the pleasure of being interviewed by Josh Jalinski, the Financial Quarterback, on WOR Radio. Being on Josh’s show is always an adventure. He provides invaluable information in all areas of financial planning and he makes it fun.
In the next few blogs, I’ll go over the questions we received on air. These are the most common questions we hear and are important for you to know to get the most out of your benefits. You can listen to the show at ow.ly/WmajW .
“Back by Popular Demand we have Donna Davis…She’s great at making financial matters clear…You (Donna) have a wonderful way to make things simple.”
Amazon #1 Best Sellers
Thanks Josh. My books are the result of researching the financial components of retirement for myself. The information was invaluable and helped pave my future. I enjoyed condensing into an easy-to-read, short, simple book. With many retirees not prepared for retirement, I thought this information would help you too, and I wanted to share it with you.
The Laws Just Changed and there are a lot of questions. There are deadlines you need to be aware of so that you make the right decisions.
Question #1 from Jim: I’m 69 years old and already collecting Social Security. My wife is 64 and will soon turn 65. When she reaches her Full Retirement Age will she be able to File and Suspend?
File and Suspend
In order to use the File and Suspend strategy, you must be 66 on or before April 30, 2016. Your wife will not meet this deadline and therefore will not be eligible for File and Suspend.
Claim and Switch
However, she does meet the criteria for the Claim and Switch. For the Claim and Switch, you must have been 62 years of age on or before December 31, 2015. Your wife does qualify for this. At Full Retirement Age, she can file for spousal support, which is 50% of what your payment is. She can collect this amount for up to four years. When she turns age 70, she can then switch to her own benefit. While she has been collecting spousal support, benefits on her own record have continued to increase at approximately 8% per year. She can now get 100% of her own benefit plus an additional 32%, which is the highest monthly payment for her. She will receive this for the remainder of her life.