Social Security Benefits Strategies

If you can afford to live without it, you might consider delaying your receipt of Social Security Benefits for a few years.  Some Social Security recipients can voluntarily suspend their benefits beyond the so-called full retirement age of 66. This is referred to as “claim and suspend.” Here’s how it works.  For every year between the full retirement age and the age of 70 that  recipients delay taking their benefits, the Social Security Administration with increase their later monthly benefits check by 8%.   Now an 8% increase might not sound like much, but in the end every little bit adds up.   If you would like more specific details on this strategy, go to the Social Security Administration web site located at ssa.gov/retire2/agereduction.htm.