A popular Social Security strategy referred to as “Claim Some Now and Claim More Later” will phase out at the end of 2019. The Bipartisan Budget Act of 2015 allowed this strategy but contains provisions to phase it out at the end of this year.
Since Social Security benefits increase by 6-8% for each year you delay your receipt of benefits, most retirees must weigh the advantages and disadvantages of taking less now versus waiting for more later. Married individuals are entitled to either a Social Security benefit based on their own earnings or to a spousal benefit equal to one-half of their spouse’s full retirement benefit.
This “Claim Some Now and Claim More Later” strategy allows them to choose which benefit to take. If they choose the spousal benefit, they can continue building up delayed retirement credits for their own benefit. Then at age 70, they can claim their own retirement benefit amount and stop receiving the spousal benefit.
Social Security rules and strategies are very complex. An experienced attorney can help you take advantage of this and other strategies before the phase out occurs. Contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.