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emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 2310
Experience:  Tax adviser IRS licensed Enrolled Agent and tax instructor
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I am reaching age 66 in July. I've heard about a claim known

Customer Question

I am reaching age 66 in July. I've heard about a claim known as 'claim and suspend' I am married and retired. My spouse is still working. I did not claim early retirement benefits and want to know if claim and suspend is in my best interests, and also what happens with my benefits if I die either before age 70 or after age 70 as far as my wife is concerned.
Submitted: 6 months ago.
Category: Social Security
Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. Unfortunately the option was available until April 30. It is not available any more. If you want your spouse to be eligible for spousal benefits you would need to apply for your own. If you die, your spouse will be eligible for surviving benefits which will be 100% of your benefits as long as she wait until her full retirement age to apply for any social security benefits. She will have an option to collect her own or spousal, whichever will be higher.
Customer: replied 6 months ago.
Are you saying it's too late for me to claim and suspend my benefits. I won't be 66 until July. What other options are available if it is too late to maximize my benefit?
Expert:  emc011075 replied 6 months ago.
As result of budget cuts, starting May 1 SSA eliminated couple of benefit options; file and suspend and restricted application. If you filed and suspended your benefits before May 1, you could keep it. But because you were not at full retirement age you missed it by few month. If your spouse was 62 at the end of 2015 she can still use restricted application. It means, at full retirement age she apply only for spousal benefits and let her own grow until 70. But she will only be eligible for spousal benefits if you apply for your own. Currently, to get maximum benefits you will have to wait at least until your full retirement age, or better until 70.
Expert:  emc011075 replied 6 months ago.
Any questions? Here are the changes and the consequences of the new SSA law: http://www.wsj.com/articles/a-strategy-to-maximize-social-security-benefits-1454295687
Expert:  emc011075 replied 6 months ago.
Any questions? Is there anything else I can help you with today?I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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