Fewer new retirees claiming social security – Community News
Social Security

Fewer new retirees claiming social security

Buz Livingston

Planning Social Security used to be a lot of fun. A now-extinct “archive and suspend” strategy allowed married couples to play the system. In a nutshell, you could apply for a partner’s benefit while continuing to earn your benefit deferred retirement credits. It was good while it lasted, but it didn’t last too long.

Unfortunately, the global economy is still recovering from the pandemic, and this is impacting how people view work and perhaps Social Security benefits. People who are entitled to Social Security benefits can receive them at age 62, but benefits increase at an annual rate of 8% until age 70. Still, married couples should still plan, as it is often more beneficial to a less-earning spouse under certain circumstances. , like me , to start earlier than 70. Marry well, my brothers, marry well.