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Social Security strategies for married couples
Consider Tom and Faye, both turning 60 years old in 2013. At age 66 they qualify for full retirement benefits from Social Security, though they are able to begin drawing reduced benefits as early as age 62. Faye never worked outside the home and does not individually qualify for benefits. However, she does qualify for spousal benefits based on what her husband, Tom, has paid into Social Security. In fact, if they wait until age 66 to apply for benefits, not only will Tom receive his full retirement benefit, Faye will also receive a spousal benefit equal to half of Tom’s benefit. Read more…