6 Strategies for Social Security Benefits

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Earlier this fall the Bipartisan Budget Act of 2015 was passed. There are still strategies that can allow you to maximize Social Security benefits. The first four apply to anyone and the last two strategies only apply to married couples.

1. Delay: Delaying benefits beyond age 62 (full retirement age – FRA)

2. Do-Over: You can file for Social Security benefits and then change your mind and withdraw your application. In order to do so, you must pay back all benefits received to-date and this can only be done within the first 12 months of receiving benefits, as well as once in your lifetime.

3. Earning More Than the Limits: If you begin receiving Social Security benefits before your FRA then some benefits can be withheld. However, what can happen is that you receive credit for those withheld months. Meaning that your filing date will be reset when you reach your full FRA – therefore increasing your available benefits.

4. Suspending.

5. Adding Spousal Benefits Later. Time the filings so one spouse can delay receipt of spousal benefits until later.

6. Maximizing Survivor Benefits. For a couple of similar ages and benefit amounts, taking one benefit earlier than the other may make sense in order to maximize the survivor benefit later on.