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eacfp, Enrolled Agent
Category: Social Security
Satisfied Customers: 3153
Experience:  Enrolled Agent
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What is the restricted application, to boost income

Customer Question

What is the restricted application, to boost income $63,600.00? Do I qualify for this additional income?
Submitted: 1 year ago.
Category: Social Security
Expert:  eacfp replied 1 year ago.

The restricted application terms refer to electing to file for spousal social security benefits only at full retirement age but not for benefits on your own social security record. The purpose of this is to benefit from the additional 8% that your own benefit increases each year by deferring collecting from ages 66 - 70. Then at age 70 you file for benefits on your earnings record which will be 32% more than at age 66. Depending on your life expectancy, the higher benefit amount can provide significantly for income over lifetime.

Expert:  eacfp replied 1 year ago.

The law was recently changed and the restricted application is now only available to those who were born prior to 1954.

Expert:  eacfp replied 1 year ago.

Customer: replied 1 year ago.
Is this the same thing as the form that you can file to get an additional $1,000 a month benefits?
Expert:  eacfp replied 1 year ago.

No, this is for collecting social security benefits on your spouse's earnings record before collecting benefits on your own record of earnings. The higher monthly check at age 70 will depend on the amount of your benefit from working with the additional 8% per year for deferring collecting until age 70.