GET an Extra $1,983 Per Social Security Check in 2023 – CLAIM IT NOW!
Social Security is a vital financial safety net for millions of Americans, providing retirement benefits to seniors and disability benefits to those who are unable to work. Unfortunately, many people find that the monthly benefit they receive from Social Security is not enough to cover their basic expenses. However, there may be a way for some Social Security beneficiaries to increase their monthly benefit by an extra $1,983 in 2023. This increase is made possible through a strategy known as ”file and suspend,” which allows married couples to maximize their Social Security benefits. The strategy works by allowing one spouse to claim Social Security benefits at their full retirement age (currently 66), while the other spouse delays their claim until age 70. By doing so, the second spouse can earn delayed retirement credits, which will increase their monthly benefit by 8% per year. To put this into perspective, let’s say that both spouses are entitled to a monthly benefit of $2,000 at their full retirement age. If they both claim benefits at 66, they will receive a combined monthly benefit of $4,000. However, if one spouse files and suspends their benefit, the other spouse can claim a spousal benefit of $1,000 per month (50% of the first spouse’s benefit) while they wait to claim their own benefit at age 70. By doing so, their benefit will increase by 32% to $2,640 per month. Over the course of four years, this delay can result in a significant increase in monthly benefits. Instead of receiving a combined monthly benefit of $4,000, the couple would receive $5,983 per month. That’s an extra $1,983 per month, or $23,796 per year. Of course, not everyone is eligible for this strategy. To be eligible, you must be married, and at least one spouse must have reached their full retirement age. Additionally, both spouses must have earned enough Social Security credits to qualify for benefits. It’s also important to note that this strategy may not be the best option for everyone. For example, if one spouse has a significantly higher earning history than the other, it may make sense for them to claim benefits early and for the other spouse to claim a spousal benefit. Additionally, if you need the money now and cannot afford to delay your benefits, this strategy may not be feasible. Overall, the ”file and suspend” strategy can be a powerful tool for married couples who want to maximize their Social Security benefits. By delaying one spouse’s benefit until age 70, you can earn delayed retirement credits and increase your monthly benefit by 32%. Over the course of four years, this delay can result in an extra $1,983 per month in Social Security benefits, providing a much-needed boost to your retirement income.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
