Maximizing Social Security Benefits: The Voluntary Suspension Strategy
In his latest episode of Retire Ready TV, Chris Heerlein introduces a relatively unknown but powerful Social Security claiming strategy known as Voluntary Suspension. This strategy, particularly relevant since the elimination of the file-and-suspend and restricted application strategies in April 2016, allows individuals to optimize their Social Security benefits. Heerlein explains that Voluntary Suspension permits a person to start receiving Social Security benefits early, then suspend these benefits at full retirement age without the obligation to repay the amounts already received. This approach can be particularly beneficial for married couples, where one spouse starts receiving reduced benefits early, and the other defers theirs.
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