If you’re around 66 years old and thinking of retirement, Paul Neiffer, The Farm CPA, says you might want to look into the Social Security Administration's "file and suspend" option now—before it’s too late.
The "file and suspend" option allows a retiring farmer to file for social security benefits, at full retirement age, and their spouse could receive a benefit based on the farmer’s earnings. The farmer could then choose to suspend this payment until age 70 and earn an additional 8% per year, which could tabulate into a 32% increase in monthly social security benefits.
After April 30, 2016, this will no longer be an option.
Paul Neiffer explains:
Have you considered the "File and Suspend" option? What did you decide? Let us know in the comments.