TY - RPRT T1 - Strange But True: Claim and Suspend Social Security Y1 - 2009 A1 - Alicia H. Munnell A1 - Golub-Sass, Alex A1 - Nadia S. Karamcheva KW - Retirement Planning and Satisfaction KW - Social Security AB - The brief’s key findings are: During the current economic crisis, many older workers are postponing retirement and some retirees are re-entering the labor force. Re-entrants age 66 and over can put their Social Security benefits “on hold” in exchange for higher benefits later. This “claim and suspend” strategy also offers greater flexibility to one-earner couples, allowing the higher earner to delay benefits while his spouse claims. The potential costs to Social Security are modest. JF - Center for Retirement Research at Boston College Briefs PB - Center for Retirement Research at Boston College CY - Boston UR - https://crr.bc.edu/briefs/strange-but-true-claim-and-suspend-social-security/ U4 - social Security/retirement planning ER - TY - RPRT T1 - Strange But True: Claim Social Security Now, Claim More Later Y1 - 2009 A1 - Alicia H. Munnell A1 - Golub-Sass, Alex A1 - Nadia S. Karamcheva KW - Retirement Planning and Satisfaction KW - Social Security PB - Center for Retirement Research at Boston College UR - http://www.advicenter.com/AgentUploads/2124608992/ClaimSSNowClaimMoreSSLater-BostonCollegeStudy.pdf U4 - social Security/retirement planning ER - TY - RPRT T1 - Strange But True: Free Loan from Social Security Y1 - 2009 A1 - Alicia H. Munnell A1 - Golub-Sass, Alex A1 - Nadia S. Karamcheva KW - Retirement Planning and Satisfaction KW - Social Security PB - Center for Retirement Research at Boston College UR - http://www.investmentnews.com/assets/docs/CI6088349.PDF U4 - social Security/retirement planning ER - TY - RPRT T1 - Unusual Social Security Claiming Strategies: Costs and Distributional Effects Y1 - 2009 A1 - Alicia H. Munnell A1 - Sass, Steven A. A1 - Golub-Sass, Alex A1 - Nadia S. Karamcheva KW - Social Security AB - When to claim Social Security is one of the most important decisions Americans face when approaching retirement. Recently, several unconventional claiming strategies have come to light – “Free Loan,” “Claim and Suspend,” and “Claim Now, Claim More Later” – that have the potential to pay higher lifetime benefits to some individuals, increasing system costs. In the “Free Loan” strategy, an individual can claim benefits at a given age and later repay them and file again, obtaining an increased benefit from the delayed filing. This strategy is equivalent to a “no interest” loan from Social Security and could potentially cost the program as much as $11 billion a year. “Claim and Suspend” allows an individual to claim benefits and then immediately suspend them, either to put his own benefits on hold if he reenters the workforce or to allow his spouse to claim a spousal benefit while he continues to work and earn delayed retirement credits. The potential cost of allowing couples the option of “Claim and Suspend” is about $0.5 billion dollars a year. In the “Claim Now, Claim More Later” strategy, a married individual claims a spousal benefit while delaying claiming his own retired worker benefit in order to build up delayed retirement credits. This option could potentially cost Social Security $10 billion a year. Of the three strategies, “Claim and Suspend” appears to have the clearest policy rationale as it provides an incentive for individuals to work longer. PB - Center for Retirement Research at Boston College UR - https://crr.bc.edu/working-papers/unusual-social-security-claiming-strategies-costs-and-distributional-effects/ ER -