Q & A
After taking an early reduced retirement benefit, is the spouse’s benefit received in addition to, or instead of, the reduced retirement benefit.
Full Question: Today’s question asks if, after taking an early reduced retirement benefit, the spouse’s benefit benefit is received in addition to, or instead of, the reduced retirement benefit. The answer explains how filing and suspending may allow one spouse to claim a spouse’s benefit while the other spouse continues to earn delayed retirement credits till 70 and also explores the possibility of withdrawing a claim, repaying benefits, and reapplying for a spouse’s benefit at full retirement age to avoid benefit reductions.
Answer: Social Security may be your largest or one of your largest assets. How you manage it, by deciding which benefits to collect and when, can make an absolutely huge difference to your lifetime benefits. And those with the highest past covered earnings have the most to gain from maximizing their Social Security. I’ve been answering questions and writing columns about Social Security each week for the past two years on PBS NEWSHOUR’swebsite. The editors at Forbes asked me to post a Q&A each day from those columns. To see all my columns, please go to my software company’s site, www.maximizemysocialsecurity.com, and click More Press below the WSJ quote. Read more…
Source: Laurence Kotlikoff, Forbes Contributor - 10/26/2014
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