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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29973
Experience:  Taxes, Immigration, Labor Relations
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My wife ( 63 years old born 1953 ) and I ( 62 years old born

Customer Question

My wife ( 63 years old born 1953 ) and I ( 62 years old born in 1953 ) both work full time. We would be both considered high income earners. My question is with the laws changing May 1st, do we qualify for file and suspend since we are both still working full time?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
Yes - you do qualify - and either of you may file and suspend - and that would allow the other spouse to start spousal social security benefits.
Expert:  lev-tax replied 1 year ago.
However - if you are receiving social security benefits and working at the same time - your benefits are limited.If you’re younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you’re younger than full retirement age during all of 2016, the SSA must deduct $1 from your benefits for each $2 you earn above $15,720.So if you are high income earner - that effectively eliminates your social security benefits and you would NOT benefit form the file and suspend strategy..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.