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PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4026
Experience:  35 years tax and professional advice in all matters money
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What is this $60,000.00 loop hole? Everet is my name and I

Customer Question

What is this $60,000.00 loop hole? Everet is my name and I am 70 years old
JA: Thanks. Can you give me any more details about your issue?
Customer: I also see this ad on the internet about our president and congress is going to take away this money on april 30th
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Submitted: 6 months ago.
Category: Social Security
Expert:  PDtax replied 6 months ago.
Hi from just Answer. I'mCustomer I can assist. Newsletter writers have to write teasers like this to sell newsletters. The loop hole exists, but only for a select group of Social Security (new) applicants. The $60,000 they refer to is the potential bump in benefits a married couple with one high earning spouse can generate with a "file and suspend" application, which can start benefits for the lower earning spouse. At least one has to be at full retirement age (FRA), the application must be filed by April 30, 2016, and a few other qualifiers. The high earning spouse files for benefits, then suspends, allowing the spouse to claim a spousal benefit of some 50% of the spouse's benefit. The higher earning spouse then defers collecting, since they get an additional 8% per year each for up to 4 deferral years. The combination of the two actions act to create what some have calculated as much as $60,000 in additional benefits. If you currently collect, the benefit is not available for you or your spouse. Thanks for asking at Just Answer. Positive feedback rating my assistance hen you accept my response is appreciated. I'mCustomer

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