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However, aside from contributing to Social Security, you could apply a few basic strategies to get the most bang for your buck.
Couples with two incomes should consider a strategy where the spouse who will receive the lower benefit applies for early benefits, while the higher-earning spouse takes them late. Then, if the higher earning spouse dies, the other spouse will enjoy a substantial step-up in survivor benefits. This strategy is now more doable than in the past, because the law now allows workers to file and suspend SS benefits upon reaching full retirement age.
If you’re a married couple earning approximately the same amount, and one of you intends to keep working past full retirement age, then that spouse can apply for spousal benefits and delay his or her own. Then the longer-working spouse will collect a higher benefit when he or she finally retires.
Older divorced men who remarry younger women and start new families may still have kids at home when they begin collecting benefits and can often get benefits for their kids as well. This money can be used to pay for college education or other expenses and can be paid until the child turns 18.
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