The Little Black Book of Social Security Secrets, Couples Ages 62-70: Act Now, Retire Secure Later
James Lange, author
There were two married couples, the Rushers and the Planners, with identical earnings records and investments. The Rushers didn't read this book and during retirement, they ran out of money. Bad news. The Planners, however, took the time to read this short little book, implemented the recommended strategies, and when the Rushers were barely scraping by, the Planners were living comfortable in retirement. If you want to be a Planner and not a Rusher, please read this book. Why? Because a certain provision buried in the fine print of the Bipartisan Budget Act of 2015 eliminates the two strategies: Apply and Suspend and Restricted Applications for Benefits. The first strategy, Apply & Suspend has already been eliminated. However, the second strategy, called a Restricted Application for Benefits, is still available and it allows you to file for benefits and specify that you only want to receive whatever spousal benefit to which you might be entitled. If you were at least 62 years old as of December 31, 2015, you will be able to file a Restricted Application for Benefits until December 31, 2019. Clearly, maximizing Social Security benefits is to your advantage. What many people do not realize is just how important it can be to the surviving spouse. If you are the higher earner and you make the right choices, your spouse will be eligible to receive a survivor s benefit which, at maximum, will be as high as your own benefit amount. Get specific advice on: The easy way to increase your Social Security check 8% a year. See page 10. Providing your spouse with a 32% increase (plus the cost of living) in her survivor s benefits for the rest of her life. See page 24. Using the claim now, claim more later method (also known as a restricted application). See page 33. Making larger Roth IRA conversions in a lower tax bracket. See page 47.