Social Security & Happy 70 Year Olds

Many Happy 70 Year Olds


Many of our clients are now collecting their Maximum Social Security Age 70 monthly benefit check. Not one of them regrets waiting until age 70, which typically increases your first Social Security check by 32%.


What do these couples have in common? They took the time to examine their Social Security Claiming Strategies that were unique to their situation based on their ages, Primary Insurance Amounts, and realistic life expectancies. They examined whether to begin benefits sooner versus later and how their unique options fit into their overall Retirement Income Planning.


Restricted Application Limited Availability


These age 70 claimers now have the highest monthly Social Security check they are entitled for the rest of their lives and now the survivor benefit is also maximized. Many of these claimers were fortunate because they could select from a couple of spousal strategies; File and Suspend and the Restricted Application.


File and Suspend is no longer available to new filers, however if you were born prior to January 2, 1954, you are eligible to potentially file a Restricted Application to collect a spousal benefit from ages 66 to 70. In the meantime, your own benefit will increase by 8% per year for the total of 32% at age 70. Upon reaching 70, you’ll begin collecting your HIGHEST monthly benefit check.


If you were born on January 2, 1954 or later, you will not have the option of collecting a spousal benefit while enabling your own benefit to grow. With the elimination of these two strategies it’s even more important than ever to examine whether you, (you and your spouse) should collect early, at your SS Full Retirement Age or delay your start date possibly up to age 70. Incorporating your options into your Retirement Income Plan can project how each option may impact you as you proceed through your retirement. Knowing answers prior to making decisions for retirement is the way to proceed.


Information is Power


Over the years, we’ve educated and assisted countless Baby Boomers about:


  • When to Apply for Benefits?

  • Advantages and disadvantages of applying early.

  • Advantages and disadvantages of delaying benefits.

  • Strategies for coordinating benefits with your spouse.

  • How to Maximize benefits.

  • Rules for divorced spouse benefits.

  • Rules for survivor benefits.


Upcoming Social Security Workshops



For a listing of our upcoming informational Social Security Workshops, please click Social Security Workshops.



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