I was born 6/1950. My husband was born 8/1947. He is presently working and not taking social security. Would it be beneficial to us if I were to draw on his social security now while he continues to work?
Thank You

Terry Says:  Special Note on March 28, 2016 — That column is now posted at TerrySavage.com and can be found at the website, or by clicking on this link.

I am working on a column about that “file-and-suspend” opportunity — one that goes away on May 1st, in a couple of weeks.  It allows the older of the spouses to file for Social Security, then immediately suspend payments — starting up again at age 70, when he/she will have a larger benefit.  BUT, because the SS was “started” a younger spouse (if at least age 62) can claim benefits on the account of the older one for now, and then pick up on her own earned benefits when she reaches full retirement age.

But to use this deal, the eligible spouse must file and suspend his or her benefits by the May 1st deadline!  After that time, a person can still file and suspend their benefit.  BUT a spouse will no longer be able to collect a spousal benefit based on the worker’s benefit — unless that spouse is currently receiving  his or her benefit!

Yes, it’s complicated.  More in a column that will be posted this week!

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