Video for Financial Consultants

Video Transcript:

What is the File and Suspend strategy for Social Security? For most people nearing retirement, who were born between 1943 and 1954, full retirement age is 66. This is when you can collect full benefits. For each year you delay in taking your benefits, the benefits increase 8% per year until age 70.

For example, if you would get $2,000 a month at age 66, you would get $2,640 plus any cost of living increases at age 70. At age 66, you could File and Suspend in that you could file for benefits but simultaneously suspend your benefits. This would allow your spouse to draw spousal benefits based on your earnings in the meanwhile. Then, at age 70, you could file to receive your benefits of $2,640 a month.

Contact us today to find out more about how this strategy could work for you.

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