Couples can earn more in Social Security benefits by using sophisticated strategies. But there's a limit to how much the Social Security Administration will allow you to get from the program, and the way it handles the file-and-suspend strategy is a good example of how double benefits often aren't available.
In the following installment of the Fool's Social Security Q&A series, Dan Caplinger, The Motley Fool's director of investment planning, answers a question from Tom, who asks whether both spouses can file and suspend. Dan goes to the source, citing Social Security Administration rules that prevent more than one member of a married couple from filing and suspending, as well as limiting both spouses from filing restricted applications for spousal benefits. Dan concludes that the strategy can still be valuable, but you have to pick which spouse should use which strategy to maximize its value.
How to get even more income during retirement
Social Security plays a key role in your financial security, but it's not the only way to boost your retirement income. In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family. Click here to get your copy today.