Q & A

What is a “restricted application” and how does it work?

Answer: Restricted application takes place when someone who is full retirement age (that’s 66 or 67 depending on when you were born) applies for spousal benefits only and delays his or her own benefits allowing them to grow 8 percent a year, explains Jim Blankenship, a financial planner in New Berlin Illinois and author of “A Social Security Owner’s Manual.”Couples who want to maximize the higher earner’s benefits might use this strategy to receive some income while they wait for the higher payout to grow. You can do this while implementing file and suspend for your own benefits – or on its own. Read more…

Source: Jean Chatzky, TODAY

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