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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My husband and I are both in our 80's and have heard

Customer Question

My husband and I are both in our 80's and have heard something about 2 loop holes regarding our social security benefits on or about April 30th that we should look into regarding $60,000. We are barely making it and really need to know what this is all about. Thank you for taking time with this question. Nancy (Sally)***
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Hello, Nancy.

Unfortunately, at your age the loopholes are unavailable -- they relate to filing methods that take place when you are reaching full retirement age. As you have already been drawing for several years now, you have already locked into your benefit.

It only works for people just now filing. They are closing the "file and suspend" loophole, and the loophole where someone can elect to take a smaller spouse benefit and allow their own benefit to grow.

I wish I had better news for you -- please let me know if you need anything additional. If not, please rate positive.