We all search for the best place to invest our savings. For almost every person who hasn’t yet started Social Security, delaying Social Security benefits is one of the best ways to save. Even some who have already started can benefit from some of Social Security’s quirks.
There are a number of alternative ways to increase Social Security income for people who plan their retirement. These include simply delaying the start of Social Security, suspending payments after starting, filing and immediately suspending, and filing an application restricted to a spousal payment.
The best Social Security alternative for a couple depends on their relative ages, full-retirement-age benefits, assumptions for ages to die, pension alternatives (particularly pension survivor benefits), life insurance, amount of savings before retirement, returns on their savings, inflation and tax rates.
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