If you think that Social Security planning is a simple process consider this situation.
The clients are a couple. The husband is 67 and already collecting retirement benefits. The wife is 62. He has a much higher earnings history and therefore much higher benefits. We advised him to consider suspending his benefit. Why? Because suspending would allow him to accrue delayed retirement credits of approximately 8% a year if he waited until age 70 to restart benefits. His monthly benefit would be about 24% higher every single month, for life, starting at age 70.
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