File and suspend Social Security strategy ending: ""
Under the current rules, once you reach your full retirement age, you are able to file for your Social Security benefits, but request that such benefit not actually be paid," said Jeffrey Levine, a certified public accountant and IRA technical consultant at Ed Slott & Company. "By doing so, you can receive what are known as delayed credits,which increase your own Social Security benefit by 8 percent per year, not counting any cost-of-living adjustments that may also be added."
By using the file-and-suspend strategy, you and your spouse can both allow other family members to claim a benefit based on your earnings record, while at the same time allowing your own benefit to continue to compound and grow.
After May 1, instead of family members being allowed to receive a benefit based on your earnings record after you've merely filed, the law makes it necessary for you to actually be receiving benefits for them to do so, Levine said.
What you can do: If you are at your full retirement age or older, you can "file and suspend" your Social Security benefits by May 1 and still have a spouse or child collect benefits based on your earnings record, while your own benefit is suspended."
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