What does file and restrict mean for Social Security?
The purpose of using the restricted application is to allow the qualifying spouse to collect spousal benefits only, while deferring their own worker benefit to age 70 if they wish, and earn delayed retirement credits, up to an additional 32%.
What is file and suspend or file and restrict Social Security?
What Is File and Suspend? File and suspend was a Social Security claiming strategy that allowed married couples of full retirement age to receive spousal benefits and delay retirement credits at the same time. It was ended as of May 1, 2016, by the Bipartisan Budget Act of 2015, signed on Nov.
What happens when you file and suspend your Social Security?
If you voluntarily suspend your retirement benefit and you have others who receive benefits on your record, they will not be able to receive benefits for the same period that your benefits are suspended. However, a divorced spouse will be able to continue receiving benefits.
Who is eligible for a Social Security restricted application?
If you are age 66 but your spouse is 60, you’ll need to wait at least two years to use this maneuver. But if your spouse is, say, 68 and claiming a benefit, you can file a restricted application for a spousal benefit off his record and let your own grow to age 70. Ex-spouses catch a break.
Can I collect my own Social Security and then switch to spousal benefit?
In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files. Social Security will not pay the sum of your retirement and spousal benefits; you’ll get a payment equal to the higher of the two benefits.
Can I suspend my Social Security and go back to work?
How To Stop Social Security If You Go Back To Work. You’ll have to file what’s known as a “withdrawal of benefits” if you want to suspend your Social Security payments and go back to work. You can only do this if you’ve filed for your retirement benefits within the previous 12 months, however.
Can I file for my Social Security at 62 and switch to ex spousal benefits later?
Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.
Can I stop my Social Security and restart later?
If you change your mind about starting your benefits, you can cancel your application for up to 12 months after you became entitled to retirement benefits. This process is called a withdrawal. You can reapply later. You are limited to one withdrawal per lifetime.
Can I file a restricted application for spousal benefits?
You can use a restricted application to claim a spousal benefit while letting your benefit continue to grow if: You were born on or before January 1, 1954. You are currently married; or, you are divorced (and eligible for a benefit on an ex-spouse’s record).
Can I draw my own Social Security and then switch to spousal benefit?
When can I file a restricted application for Social Security?
To restrict an application to spousal benefits only, you must have been born before January 2, 1954. Anyone born on or after that date is out of luck when it comes to this particular strategy. To use the claiming strategy, you must be at least full retirement age for Social Security.
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