Source: Get personalized help to max out Social Security.
Social Security Solutions’ optimization plan calls for my wife to file for her own benefits at age 67 but immediately suspend her payments — a perfectly legal strategy known as a file-and-suspend.
We start getting some Social Security benefits immediately when I apply (at age 66) to receive a spousal benefit based on her earnings record, half of what she could receive.
At age 70, my wife starts her own benefits; a year later, I switch to my own benefit when I turn 70. Both of our benefits are now at the maximum monthly level possible for the rest of our lives. Later on, after I (gulp) die first, my wife switches to a survivor benefit, which is 100 percent of my benefit…..
I’m sure all this stuff above is legal but, come on, finding all the loop holes to get the most possible is carrying it too far in my mind. Of course this article came from a large financial company. They are used to gaming the system. These guys I’m sure have a large lobbying group in D.C. and make sure that these sort of loop holes are written into our laws.
Our government needs to adopt my current mantra in life and that is Simplify. If we could somehow get rid of all those lawyers around and put this stuff back into common folk’s hands I’m sure our laws would be simpler and with many less loop holes. But maybe the world has just gotten too complicated for simplicity?
Putting the level of social security benefits that you get related to what you paid in makes sense but it seems that the system has just spurned too may other conditions. I know that about one-third of those collecting benefits are not the seniors who paid into them. If the Republicans insist of changing the system then let’s put those folks in a different payout pool and take social security back to the insurance it was meant to be. But I’m sure this would do little to placate my conservative friends who would be very happy to see social security go the way of the horse and buggy. In their minds if government is involved then it must be wrong.