Strategies for Boosting Social Security Benefits

These little-known keys can open the door to thousands more in annual retirement benefits

What you may not know about managing you and your spouse’s Social Security benefits may cost you hundreds of thousands of dollars over your lifetime. There are two key strategies. Of the roughly 58 million current Social Security recipients, per the website, only 27% are aware of these strategies, which can optimize lifetime benefits for retirees, spouses and survivors.

The two strategies are a “restricted application” and “voluntary suspension” or “file and suspend”. These techniques can be combined in several creative ways, which involve the election of a limited benefit initially, and a larger benefit later.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Pete Woodring, RIA
Founding Partner, Cypress Partners

Woodring is founding partner of San Francisco Bay area Cypress Partners, a fee-only wealth consulting practice that provides personalized, comprehensive services that help retirees and busy professionals to enjoy life free of financial concern.