The Incredible “Claim Now – Claim More Later” Social Security Strategy

The Incredible “Claim Now – Claim More Later” Social Security Strategy

Maria and Carlos are your typical hard-working middle-class couple. Maria decided to take an early Social Security almost four years ago at age 62, for a reduced payment of about $750 a month. Had she held out, she would have reached her full retirement age (FRA) this year at age 66, when she would have received around $1,000.  

Carlos, on the other hand, decided to continue working until he turns 70 in order to receive the highest possible monthly Social Security benefit check, which is projected to be about $2,100 – meaning he would receive about $1,600 today at age 66.

The incredible thing that this energetic, youthful-looking duo didn’t know is that they are perfect candidates for a Social Security windfall, now that Carlos is reaching age 66, his full retirement age.

“Claim Now, Claim More Later” is one of many Social Security strategies that I explain in my complimentary report, “Secure Your Future.” This approach allows a spouse who’s reached his or her FRA to claim spousal benefits without impacting his or her own benefit accruals. To qualify to use this strategy, you must be married, both spouses must have accrued enough credits to qualify for Social Security in their own right, and the spouse that uses the strategy must have reached his/her FRA.

Carlos is, therefore, the perfect candidate: he’s about to be 66, and Maria earned enough work credits to qualify for her own benefits. The incredible thing is that by claiming as Maria’s spouse, Carlos’ own benefit accruals will not be affected in any way. Yes, he will still earn his delayed retirement credits through age 70 as he plans. So, in effect, this strategy is essentially giving him about $500/month over the next four years until he switches to claiming maximum benefit of about $2,100/month on his own record.

The other great thing about this strategy is that although Maria’s benefit is reduced ($750 vs. $1,000) because she applied early at 62, Carlos’ spousal benefit is still based on half of $1,000, not $750. And since Carlos is at his FRA, he does not have to worry about losing any portion of his monthly benefit because of his work earnings under Social Security’s earnings cap restrictions.

Until I sat down with them, Carlos and Maria had no idea anything like this was even possible – which leads to the larger question of how many of us are leaving valuable Social Security money for which we qualify on the table?  

_______________________
Would you like more information about "Claim Now – Claim More Later"? Download a complimentary copy of Secure Your Future! Call us today at  877.656.9111 or visit us on the Web to schedule your no-strings-attached consultation!