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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4099
Experience:  35 years tax and professional advice in all matters money
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Mybenefits511.com claims to increase social security benefits

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mybenefits511.com touts a methodology for a social security recipient increasing his or her monthly benefits by up to $1,000. Are you familiar with such methodology and is it plausable?
Thank you for your reply.

I believe I know the strategy they espouse, it is FAASF, or filing as a spouse first. Here's how it works:

A husband and wife have a filing option to claim against their own work record or a reduced benefit of 50% of their spouse's benefit. If one spouse elects to claim against their spouse's work record (let's say 50% of a max benefit for the wife in the traditional earning model). The wife then allows her own benefits to grow until full retirement age to hopefully generate a higher retirement payout.

This is also referred to as 'file and suspend' by the higher income spouse, to allow the lower earning spouse to collect benefits while the higher earning spouse might continue to work, allowing for their total monthly income to increase by 50% of a maximum social security payout, or approximately $1,000 per month.

The strategy is perfectly legit, but your earnings history and payout scenario will dictate if the strategy is appropriate for you.

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