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If You’re Married… This Could Instantly Boost Your Monthly Income

By Chris Lowe, Editor-at-Large on April 21, 2015

The average retiree receives $1,260 a month in Social Security payments.

That’s just over $15,000 a year – barely more than the official poverty level of roughly $12,000 a year.

But a new book by Dr. Laurence Kotlikoff, Philip Moeller and Paul Solman, called Get What’s Yours: The Secrets to Maxing Out Your Social Security, reveals dozens of little-known strategies for getting the biggest Social Security checks possible.

For instance, if you married, you can take advantage of something known as “file and suspend.”

Simply put, the spouse with higher accrued benefits – typically the husband – files to start receiving benefits.

He then files a notice to suspend those payments.

This allows his wife to immediately start collecting half of his retirement benefits.

Then the husband can hold off receiving his Social Security checks. This allows him to take advantage of the higher payments on offer for delaying filing for benefits.

Most folks don’t know it, but waiting to collect Social Security until after you turn 66 will net you 8% more in income a year.

The resulting boost to your lifetime benefits from this strategy varies depending on your personal situation. But according to one calculation by Reuters, it can add upward of $135,000 over the course of the lifetime of a typical retired couple.

Who wouldn’t want that extra cash?

Learn all about Dr. Kotlikoff’s simple system for getting the largest possible Social Security checks here.

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