Apply For Medicare Online

hello, i'm morgan scott vice president of advanced markets for columbus life insurance company. over the next minute or so we'll review a popular social security claiming strategy

Apply For Medicare Online, that's actually in the process of going away. the restricted application technique is a useful claiming strategy for married couples.

as we've talked about in other videos spouses have a social security benefit on their own record, but can also claim on their spouse's record. rrestricted application is typically used in the following scenarios; the lower earning spouse takes social security benefits on their own record while the higher earning spouse waits until their full retirement age or fra

to file a restricted application for benefits on their spouse's record. why claim on your lower earning spouse's record? this is because while you're receiving the lower spousal benefit, your own benefit is increasing by eight percent simple interest per year. generally at age 70 the high earning spouse will then switch to their own social security benefit.

which will be at the maximum allowable for that person. however, the bipartisan budget act of 2015 has set in motion a phase-out of the restricted application technique. in order to utilize restricted application you must have been 62 years old or older before january 1st 2016. for those who met this age deadline they can still

file a restricted application for spousal benefit when they reach their fra. for anyone younger they will be subject the deemed filing rule which requires that you be paid the highest benefit available to you under your own record or that of your spouse's. even though this popular strategy is in the process of being phased out, there are still many

claiming strategies available to you based upon your age, finances and personal circumstances. these decisions can feel overwhelming at times please consult your legal or financial advisor or the social security administration. for additional information, please go to www.ssa.gov [music fades]