Know anybody that might benefit from this? Deadline approaching quickly! http://www.kiplinger.com/article/ret...tegy-ends.html Don't miss the April 29 deadline for a Social Security claiming strategy that could add tens of thousands of dollars to your family's retirement income.
A real-life example from Kevin McCormally, Editorial
Director of Kiplinger's Personal Finance magazine.
"Aw shucks," or words to that effect, came out of my mouth last November 1 when I learned that Congress had voted to abolish the file-and-suspend Social Security claiming strategy we at Kiplinger had been recommending for years. Selfishly, my discouragement grew in part from the fact that I was just five months short of being able to put the strategy to good use for my family.
My spirits brightened, though, when it turned out that a last-minute, dead-of-night change in the legislative language meant file-and-suspend would still be allowed for anyone who turned 66 in the six months after President Obama signed the law. Since about 10,000 Boomers turn 66 every day, that means about 1.8 million people would age into an opportunity that could boost their families' lifetime Social Security benefits by tens of thousands of dollars.
I am among those who slipped through the closing window.
I knew I didn't want to claim Social Security benefits when I hit 66 this March. I'm still working and I want to delay claiming as long as possible, until I'm 70, to collect those luscious 8%-a-year delayed retirement credits. But I also knew that file-and-suspend would let me open the door to spousal benefits for my wife, Anne.
She claimed her own benefit when she retired a few years back. As a modestly paid social worker and teacher's aide who took many years out of the workforce to raise our children, Anne's benefit is a modest $672 a month. But when I filed (and immediately suspended), Social Security quickly advised her to file for spousal benefits based on my record.
That move boosted her monthly benefit by $620, bringing it to $1,292 -- 50% of my age 66 benefit amount. Over the next four years, that will pour nearly $30,000 into her checking account (a bit more, really, thanks to cost-of-living adjustments in the future).
That's the value of file-and-suspend to my family.
If you're among the 1.8 million Americans who hit age 66 in the months between Congress's decision to end file-and-suspend and April 30, you owe it to yourself to see if this disappearing strategy makes sense for your family.
  Special file-and suspend deadline edition. Save 67% off the regular price for a limited time! |
Director of Kiplinger's Personal Finance magazine.
"Aw shucks," or words to that effect, came out of my mouth last November 1 when I learned that Congress had voted to abolish the file-and-suspend Social Security claiming strategy we at Kiplinger had been recommending for years. Selfishly, my discouragement grew in part from the fact that I was just five months short of being able to put the strategy to good use for my family.
My spirits brightened, though, when it turned out that a last-minute, dead-of-night change in the legislative language meant file-and-suspend would still be allowed for anyone who turned 66 in the six months after President Obama signed the law. Since about 10,000 Boomers turn 66 every day, that means about 1.8 million people would age into an opportunity that could boost their families' lifetime Social Security benefits by tens of thousands of dollars.
I am among those who slipped through the closing window.
I knew I didn't want to claim Social Security benefits when I hit 66 this March. I'm still working and I want to delay claiming as long as possible, until I'm 70, to collect those luscious 8%-a-year delayed retirement credits. But I also knew that file-and-suspend would let me open the door to spousal benefits for my wife, Anne.
She claimed her own benefit when she retired a few years back. As a modestly paid social worker and teacher's aide who took many years out of the workforce to raise our children, Anne's benefit is a modest $672 a month. But when I filed (and immediately suspended), Social Security quickly advised her to file for spousal benefits based on my record.
That move boosted her monthly benefit by $620, bringing it to $1,292 -- 50% of my age 66 benefit amount. Over the next four years, that will pour nearly $30,000 into her checking account (a bit more, really, thanks to cost-of-living adjustments in the future).
That's the value of file-and-suspend to my family.
If you're among the 1.8 million Americans who hit age 66 in the months between Congress's decision to end file-and-suspend and April 30, you owe it to yourself to see if this disappearing strategy makes sense for your family.
