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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2983
Experience:  associate attorney
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If my spouse and I are both presently 62, both turning 63 in

Customer Question

If my spouse and I are both presently 62, both turning 63 in the fall of 2016, would the Final Suspend Maneuver as a Retirement Strategy work for us. We have heard that one of us must be 66 for this particular Maneuver to be applicable. I have retired and my husband has planned to work till past 66, hopefully to 70 if his health allows. Deadline for us to use this strategy is April 29, 2016. Correct?
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Yes, the file and suspend maneuver will be phased out on May 1, 2016 and you must be at full retirement age before then to take advantage of it. Sounder the facts you have given me, you will not be eligible for it. Your spouse could still be eligible for the "restricted benefit" but you will not be as you have taken early retirement. What he could do, is when he turns age 66, he could "restrict" his benefit. This means he elects to take ONLY the spousal benefit and not his normal retirement. This loophole is going away in the changes on May 1, 2016. He would still be grandfathered in if he turned age 62 by December 31, 2015. This will be elected at age 66 (not before May 1). He would then receive 50% of your benefits and be able to let his benefit grow until mandatory retirement age (age 70). His benefit will receive credits that increase it 8% per year (again this can only happen age 66-70).

Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 1 year ago.

Just checking back in, do you have any further questions?