Thomas R. Hager, CPA, CGMA, NSSA A Certified National Social Security Advisor
TABLE OF CONTENTS
Report on Analysis ...................................................................................................................................... 1
Choosing When to Collect Benefits for Married Couples ........................................................................... 2
Social Security Statements .......................................................................................................................... 4
Top Strategies Summary ........................................................................................................................... 10
Alternative Strategies Summary ............................................................................................................... 11
Top Strategy Timeline .............................................................................................................................. 12
Top Strategy Analysis Top Strategy #1 70/62 with Primary Spousal ...................................................................... 14 Top Strategy #2 70/62 .......................................................................................................... 16 Top Strategy #3 70/66 .......................................................................................................... 18 Top Strategy #4 70/70 with Primary Spousal ...................................................................... 20
REPORT ON ANALYSIS May 22, 2014
Mr. & Mrs. John Doe 456 Anywhere Avenue Maintown, USA 11111-111
Dear Mr. & Mrs. Doe
We have prepared and enclosed our Social Security Income Planner dated May 22, 2014. The purpose of the report is to assist you in making an informed decision regarding your options for filing Social Security. Social Security is a very important part of your retirement income. When to start taking benefits should be as carefully considered as any other financial decision that affects your future. It is a decision that will affect your family as long as you live. You paid your taxes, you earned it. It makes sense to make a careful, thoughtful decision. Determining when to claim your Social Security benefits is not only an important decision, but also a complicated one for most people. Because the Social Security program is designed to handle many different situations, the regulations covering who can get which benefits and at what age are numerous and complex. Even if someone is familiar with all of the provisions that might affect their choice, it can be extremely difficult to determine the optimal strategy. Schlabig & Associates, Ltd. examined your selected benefit dates and 23,277 additional date combinations to find the highest value for your lifetime benefits. Our report is based on information you provided to us during our initial meeting. Schlabig & Associates, Ltd uses educational calculators designed to give you some input in mapping out your financial future, but should not be acted upon as a complete financial plan. Our options are a tool for helping you think through your economic future. Our "suggestions" should be viewed as informative inputs into your own decision-making process. The estimates provided here may differ from the actual amounts due to legislated changes in Social Security provisions of which we are unaware. These projections do not take into consideration an inflation rate. All amounts are in todays dollars. On the following pages we will discuss the options available to you and, assist you in deciding which scenario best fits you and your lifestyle.
Thomas R. Hager, CPA, CGMA, NSSA Managing Partner
Choosing When to Collect Benefits for Married Couples
If you are married, you or your spouse, but not both, at least not simultaneously, can potentially collect a spousal benefit based on your partner's work history. If you apply for your retirement benefit early (before full retirement age) you will be deemed to be applying of your spousal benefit as well provided your spouse is either collecting his/her retirement benefit or has filed for his/her retirement and suspended its collection. If you are married and apply for your spousal benefit early and are eligible to receive it because your spouse is either collecting a retirement benefit or has filed for his/her retirement benefit and suspended its collection, you will be deemed to be also applying for your retirement benefit early as well. In this case, both benefits will be subject to separate reduction factors. The deeming provisions only apply at the time of initial application. Hence, if you apply for an early retirement benefit and want to wait to full retirement to take your spousal benefit, you can do so if, as mentioned above, your spouse is not collecting a retirement benefit at the time you apply for your retirement benefit. Furthermore, if your spouse starts collecting his/her retirement benefit before you reach full retirement age, you still won't be deemed to be applying for a spousal benefit. I.e., you are free to wait to retirement age to collect an unreduced spousal benefit. Once you reach full retirement age, if you have not yet applied for a spousal benefit and your spouse is at or beyond full retirement age, you can apply for your unreduced spousal benefit and defer collecting your retirement benefit until age 70. To collect your spousal benefit, your partner must either be collecting his/her retirement benefit or have filed to collect his/her retirement benefit, but suspended its collection. By filing and suspending his/her retirement benefit collection, your partner can defer taking his retirement benefit until age 70 and receive a higher benefit when he/she does begin collecting thanks to the delayed retirement credit. Since Social Security's benefit calculations preclude both spouses filing and suspending and both collecting spousal benefits on their partner's record, this tool asks you, if you are married, whether you or your spouse will file and suspend collection benefit collection at full retirement age or whether neither spouse will do so. The tool will find the collection dates for spousal and retirement benefits for each spouse conditional on the choice you entered with respect to filing and suspending. Hence, you should try both choices for which spouse files and suspends and see how the maximum present value of benefits compares in the two cases. The ability to file and suspend and, thereby, let one spouse receive a "free" spousal benefit and let both spouses delay taking their retirement benefits and take advantage of the Delayed Retirement Credit can make a significant. difference to the total present value of benefits received by the household. The total benefit you'll collect as a spouse is your own retirement benefit plus your excess spousal benefit. Your excess spousal benefit is the difference between one half of your spouse's full retirement benefit and your full retirement benefit IF you filed for or were forced (via deeming) to apply for your retirement benefit. Otherwise, the excess spousal benefit is simply equal to half of your spouse's full retirement benefit. The full retirement benefit is called the Primary Insurance Amount (PIA). So the formula for the excess spousal benefit (before any reduction for taking spousal benefits early) is .5 x your spouse's PIA less your PIA, except that if you have never filed for (or been forced via deeming to file for) your retirement benefit, Social Security views you as not having a PIA for purposes of computing the excess spousal benefit. As one of the chief actuaries put it, "Your PIA doesn't exist until you apply for it (your retirement benefit)."The bottom line here is that to get your largest possible spousal benefit, you need to wait until full retirement to apply for any benefit and at that point apply only for your spousal benefit.
Demographics
Husbands Information
Husbands Name: John Doe Date of Birth: February 26, 1948 Heath: Good Current Age: 65 Disabled: No Date at Full Retirement Age: February 26, 2014 Actively Working: Yes, 3 more years Date at age 62: February 26, 2010 Social Security Statement Date: November 12, 2013 Personal Life Expectancy: 82 years (2030) Pensions Under: WEP: GPO:
No No Full Retirement Age Benefit: $2,069 Divorced? Yes, Not married more than 10 Years
Wifes Information
Wifes Name: Jane Doe Date of Birth: September 20, 1955 Heath: Good Current Age: 58 Disabled: No Date at Full Retirement Age: September 20, 2021 Actively Working: Yes, 4 more years Date at age 62: September 20, 2017 Social Security Statement Date: December 9, 2013 Personal Life Expectancy: 83 Years (2038) Pensions Under: WEP: GPO:
No No Full Retirement Age Benefit: $1,983 Divorced? Yes, Not married more than 10 Years
Family Information
Eligible Children Under 19: No Personal Financial Condition: Good
Mr. John Does Social Security Statement
Mr. John Does Social Security Statement Continued
Mr. John Does Social Security Statement Continued
Mrs. Jane Does Social Security Statement
Mrs. Jane Does Social Security Statement Continued
Mrs. Jane Does Social Security Statement Continued
Top Strategies Summary
Strategy John Jane Total 1 70/62 with Primary Spousal Oct, 2017: Jane files for worker benefits ($1,478) at age 62, 1 months for 74.58% of PIA (49 Months Reduction). Oct, 2017: John files for a 'restricted application' at age 69, 8 months for 100.00% of Spousal Benefit. ($991) Feb, 2018: Jane files for worker benefits ($2,731) at age 70 for 132.00% of PIA (48 Months Delayed Retirement Credit). Widows Benefit: $2,731 $402,690 $519,379 $922,069 2 70/62 Oct, 2017: Jane files for worker benefits ($1,478) at age 62, 1 months for 74.58% of PIA (49 Months Reduction). Feb, 2018: John files for worker benefits ($2,731) at age 70 for 132.00% of PIA (48 Months Delayed Retirement Credit). Widows Benefit: $2,731 $398,726 $519,379 $918,105 3 70/66 Feb, 2018: Jane files for worker benefits ($2,731) at age 70 for 132.00% of PIA (48 Months Delayed Retirement Credit). Nov, 2021: John files for worker benefits ($1,983) at age 66, 2 months for 100.00% of PIA. Widows Benefit: $2,731 $398,726 $487,748 $896,688 4 70/70 With Spouse Spousal Feb, 2014: John 'claims and suspends' benefits at age 66. Feb, 2018: John files for worker benefits ($2,731) at age 70 for 132.00% of PIA (48 Months Delayed Retirement Credit). Nov, 2021: Jane files for a 'restricted application' at age 66, 2 months for 100.00% of Spousal Benefit. ($1,034) Sep, 2025: Jane files for worker benefits ($2,591) at age 70 for 130.67% of PIA (46 Months Delayed Credit). Widows Benefit: $2,731 $398,726 $487,748 $886,474
Alternative Strategies Summary
Strategy John Jane Total 5 65/62 Jan, 2014: John files for worker benefits ($2,057) at age 65, 11 months for 99.44% of PIA (1 Months Reduction). Oct, 2017: Jane files for worker benefits ($1,478) at age 62, 1 months for 74.58% of PIA (49 Months Reduction). Widows Benefit: $2,057 $401,115 $445,913 $847,028 6 70/70 Feb, 2018: John files for worker benefits ($2,731) at age 70 for 132.00% of PIA (48 Months Delayed Retirement Credit). Sep, 2025: Jane files for worker benefits ($2,591) at age 70 for 130.67% of PIA (46 Months Delayed Credit). Widows Benefit: $2,731 $398,726 $440,184 $838,910 7 66/66 Feb, 2014: John files for worker benefits ($2,069) at age 66 for 100.00% of PIA. Nov, 2021: Jane files for worker benefits ($1,983) at age 66, 2 months for 100.00% of PIA. Widows Benefit: $2,069 $401,386 $425,804 $827,190
Timeline of Top Strategies
Paul's Age Susan's Age John 2,731 $ Jane 1,478 $ 4,209 $ 922,069 $ John 2,731 $ Jane 1,478 $ 4,209 $ 918,105 $ John 2,731 $ Jane 1,983 $ 4,714 $ 896,688 $ John 2,731 $ Jane 2,591 $ 5,322 $ 886,474 $ Nov, 2021 - $1,034 Sept, 2025 - $2,591 2030 - $2,731 Claim &Suspend Worker's Benefits Retricted Application for Spousal Benefits Widow's Benefits Feb, 2018 - $2,731 Nov, 2021 - $1,983 2030 - $2,731 80 2035 Oct, 2017 - $1,478 72 73 83 2037 2030 - $2,731 Oct, 2017 - $1,478 2030 - $2,731 Feb, 2018 - $2,731 Feb, 2018 - $2,731 81 2036 82 2037 Top Strategy #2 Top Strategy #3 67 Feb, 2014 - Claim& Suspend Feb, 2018 - $2,731 68 Top Strategy #4 Top Strategy #1 63 2023 2014 2020 2015 2016 2017 2018 2019 71 72 66 59 74 69 70 64 60 61 66 2030 2031 2032 2033 78 79 82 75 76 77 79 78 71 73 2022 74 67 75 68 77 76 Total Cummulative over Lifetime 69 62 70 Total Worker Benefit Monthly at Maximum 2034 2024 2025 2026 2027 2028 2029 80 81 65 2021 FRA John's PIA$2,069 FRA Jane's PIA$1,983 FRA FRA Oct, 2017 - $991
Cash Flow of Top Strategies - 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 20142015201620172018201920202021202220232024202520262027202820292030203120322033203420352036203720382039 70/62 with Primary Spousal 70/62 70/66 70/70 with Primary Spousal
Top Strategy #1 70/62 with Primary Spousal Summary: Delay PRIMARY to 70, take PRIMARY spousal in meantime if possible, start SPOUSE worker ASAP. 1. SPOUSE takes SS at earliest eligibility. 2. PRIMARY takes spousal benefit if/when eligible (turns off at age 70). 3. PRIMARY delays worker benefit to age 70. Approach: 1. With this strategy, you are delaying the initial receipt of Social Security benefits for Primary, the higher earner until the maximum age of 70. With this approach, you create the largest SS benefit for Primary and also the largest potential survivor benefit for Spouse. The survivor benefit payable to Spouse would result from her inheriting Primary's benefit upon his death and her then-current benefit would drop off. Therefore, because Spouse's benefit would drop off whether she dies first or Primary dies first, this strategy starts Spouse's initial benefits at her earliest eligibility date. Under this strategy, Spouse may be entitled to both a worker benefit, a spousal benefit or both. The illustration attached will provide those benefits for you. 2. The final piece to this strategy may include a spousal benefit payable to Primary, based on Spouse's work record. Spouse must have filed for worker benefits for Primary to become entitled to the spousal benefit. If you are eligible for this benefit, the software indicates a spousal benefit payable until age 70 for Primary. Primary can do this under current SS rules as he has the option of filing a 'restricted application' for a spousal benefit once he reaches his Full Retirement Age. At age 70, he files for his worker benefit and he flips over to that higher amount that has been earning Delayed Retirement Credits. Pros: 1. Creates highest SS benefit possible for (Primary) (which also maximizes COLAs since they compound over time) 2. Creates highest SS survivor benefit possible for (Spouse) (which also maximizes COLAs since they compound over time) 3. May become a more tax efficient strategy then taking SS early since SS income is treated more favorably under current federal and state tax law. 4. Depending on the ages involved, may create an income stream from SS payable to (Primary), even when is delaying own worker benefit. 5. May create higher lifetime SS income (compared to other strategies) if an additional spousal benefit is being paid to (Primary) for a short time. 6. (Spouse) is able to generate income from SS as soon as she is eligible (or retires) which helps ease the pain of delaying (Primary)'s worker benefit. Cons: 1. If both Primary and Spouse die prior to their mid to late 70's, they will likely have collected more SS income if they would have started their benefits sooner. 2. Primary and Spouse may have less financial flexibility in the event of a financial emergency since they may be spending down their other retirement wealth sources to generate income while they delay Primary's SS.
Top Strategy #1 70/62 with Primary Spousal - Continued Additional Notes: 1. When Primary files for a 'restricted application' for spousal benefits, he should mention the availability of this option to the Social Security Office under the Procedure Operations Manual reference # RS 00202.025 and RS 00202.020
Top Strategy #2 70/62 Summary: Delay PRIMARY to 70. SPOUSE takes any worker and spousal benefits as soon as eligible. PRIMARY 'claims and suspends' benefit as needed. 1. SPOUSE takes SS at earliest eligibility. 2. PRIMARY 'claims and suspends' at Full Retirement Age. 3. SPOUSE files for spousal at point PRIMARY 'claims and suspends'. 4. PRIMARY delays worker benefit to age 70. Approach: 1. With this strategy, you are delaying the initial receipt of Social Security benefits for Primary, the higher earner until the maximum age of 70. With this approach, you create the largest SS benefit for Primary and also the largest potential survivor benefit for Spouse. The survivor benefit payable to Spouse would result from her inheriting Primary's benefit upon his death and her then-current benefit would drop off. Therefore, because Spouse's benefit would drop off whether she dies first or Primary dies first, this strategy starts Spouse's initial spousal benefits as soon as she is eligible. 2. Under this strategy, Spouse may be entitled to both a worker benefit, a spousal benefit or both. The illustration attached will provide those benefits for you. Depending on the ages involved, to generate a spousal benefit payable to Spouse, Primary may need to file for his worker benefits. Fortunately, at his Full Retirement Age, he can file for those benefits and immediately suspend them. This way, he continues to create a larger benefit, but allows Spouse to start her spousal benefits based on Primary's work record. This cannot be done prior to Primary reaching Full Retirement Age so the software solves for when this can be done at the earliest. Spouse has to be at least age 62 as well. It is important to note that if Spouse is under her Full Retirement Age (usually 66), she cannot file for 'only' spousal benefits as any application prior to Full Retirement Age will be deemed an application for all eligible benefits. The act of applying for worker benefits and immediately suspending them has been coined 'claiming and suspending' but this term is not one used commonly at the Social Security Administration. 3. It is also important to note that if Primary has 'claimed and suspended' his benefits, he cannot apply for spousal benefits based on Spouse's work record as his 'suspended' benefits are still active. Pros: 1. Creates highest SS benefit possible for Primary (which also maximizes COLAs since they compound over time). 2. Creates highest SS survivor benefit possible for Spouse (which also maximizes COLAs since they compound over time). 3. May become a more tax efficient strategy then taking SS early since SS income is treated more favorably under current federal and state tax law. 4. Creates an income stream from SS payable to Spouse based on Primary's work record, even when Primary is delaying his own worker benefit. 5. Takes advantage of the fact that spousal benefits do not receive Delayed Retirement Credits if delayed past Full Retirement Age of Spouse.
Top Strategy #2 70/62- Continued Cons: 1. If both Primary and Spouse die prior to their mid to late 70's, they will likely have collected more SS income if they have started their benefits sooner. 2. Primary and Spouse may have less financial flexibility in the event of a financial emergency since they may be spending down their other retirement wealth sources to generate income while they delay Primary's SS. Additional Notes: 1. IF Primary 'claims and suspends' benefits, he should mention the availability of this option to the Social Security Office under the Procedure Operations Manual reference #GN 02409.100 and GN 02409.110 Basically, the rules state that a suspended benefit for the worker does not affect benefits payable to beneficiaries receiving SS income on that same record. 2. This cannot be done when filing on-line for benefits. 3. This illustration does not consider any benefits that you may also be payable if you have a minor child when you file for Social Security retirement benefits. Cash Flow
Summary: Delay PRIMARY to 70. SPOUSE takes any worker and spousal benefits at Full Retirement Age (or as soon as benefits are available after reaching that age). PRIMARY 'claims and suspends' benefit as needed. 1. SPOUSE takes SS at Full Retirement Age. 2. PRIMARY 'claims and suspends' at Full Retirement Age. 3. SPOUSE files for spousal at point PRIMARY 'claims and suspends'. 4. PRIMARY delays worker benefit to age 70. Approach: 1. With this strategy, you are delaying the initial receipt of Social Security benefits for Primary, the higher earner until the maximum age of 70. With this approach, you create the largest SS benefit for Primary and also the largest potential survivor benefit for Spouse. The survivor benefit payable to Spouse would result from her inheriting Primary's benefit upon his death and her then-current benefit would drop off. Therefore, because Spouse's benefit would drop off whether she dies first or Primary dies first, this strategy starts Spouse's initial spousal benefits as soon as she is eligible to receive the full, unreduced amount of spousal benefits. If Spouse is eligible for worker benefits based on her own work record, these benefits would also start at her Full Retirement Age so that she receives the full, unreduced amount. 2. Under this strategy, Spouse may be entitled to both a worker benefit, a spousal benefit or both. The illustration attached will provide those benefits for you. To generate a spousal benefit payable to Spouse, Primary needs to file for his worker benefits. Fortunately, at his Full Retirement Age, he can file for those benefits and immediately suspend them. This way, he continues to create a larger benefit, but allows Spouse to start her spousal benefits based on Primary's work record. This cannot be done prior to Primary reaching Full Retirement Age so the software solves for when this can be done at the earliest. And since, the goal is to provide Spouse with full, unreduced spousal benefits, Spouse should have reached Full Retirement Age under this strategy. Therefore, to take advantage of this strategy, both Primary and Spouse must have reached Full Retirement Age to take advantage of the 'claim and suspend' strategy. The act of applying for worker benefits and immediately suspending them has been coined 'claiming and suspending' but this term is not one used commonly at the Social Security Administration. 3. It is also important to note that if Primary has 'claimed and suspended' his benefits, he cannot apply for spousal benefits based on Spouse's work record as his 'suspended' benefits are still active and therefore he would only get a spousal benefit in addition to his own, if that benefit was higher than the benefit that is suspended. Pros: 1. Creates highest SS benefit possible for Primary (which also maximizes COLAs since they compound over time). 2. Creates highest SS survivor benefit possible for Spouse (which also maximizes COLAs since they compound over time). 3. May become a more tax efficient strategy then taking SS early since SS income is treated more favorably under current federal and state tax law.
Top Strategy #3 70/66 Continued 4. Creates an income stream from SS payable to Spouse based on Primary's work record, even when Primary is delaying his own worker benefit. 5. Spouse likely receives highest available initial spousal benefit amount. 6. Takes advantage of the fact that spousal benefits do not receive Delayed Retirement Credits if delayed past Full Retirement Age of Spouse. Cons: 1. If both Primary and Spouse die prior to their mid to late 70's, they will likely have collected more SS income if they have started their benefits sooner. 2. Primary and Spouse may have less financial flexibility in the event of a financial emergency since they may be spending down their other retirement wealth sources to generate income while they delay Primary's SS. Additional Notes: 1. If and when Primary 'claims and suspends' benefits, he should mention the availability of this option to the Social Security Office under the Procedure Operations Manual reference #GN 02409.100 and GN 02409.110 Basically, the rules state that a suspended benefit for the worker does not affect benefits payable to beneficiaries receiving SS income on that same record. Cash Flow Year Monthly Total Yearly Total Yearly Cumulative 2018 $ 2,731 $ 27,310 $ 27,310 2019 2,731 32,772 60,082 2020 2,731 32,772 92,854 2021 4,714 34,755 127,609 2022 4,714 56,568 184,177 2023 4,714 56,568 240,745 2024 4,714 56,568 297,313 2025 4,714 56,568 353,881 2026 4,714 56,568 410,449 2027 4,714 56,568 467,017 2028 4,714 56,568 523,585 2029 4,714 56,568 580,153 2030 2,731 40,704 620,857 2031 2,731 32,772 653,629 2032 2,731 32,772 686,401 2033 2,731 32,772 719,173 2034 2,731 32,772 751,945 2035 2,731 32,772 784,717 2036 2,731 32,772 817,489 2037 2,731 32,772 850,261 2038 2,731 32,772 883,033 2039 2,731 13,655 896,688
Top Strategy #4 70/70 with Primary Spousal
Summary: Delay both PRIMARY and SPOUSE worker benefits to age 70 and create spousal benefit payable to SPOUSE, if possible during the meantime. 1. PRIMARY 'claims and suspends' when both reach Full Retirement Age. 2. SPOUSE files for spousal at point PRIMARY 'claims and suspends' (must also be FRA). 3. Both PRIMARY and SPOUSE file for worker benefit at age 70. Approach: 1. With this strategy, you are delaying the initial receipt of Social Security benefits for both Primary and Spouse until the maximum age of 70. With this approach, you create the largest SS benefit for both Primary and Spouse. If Spouse is living when Primary dies, it is likely that she will also inherit a larger survivor benefit and her benefit would drop off. Since both spouses are delaying their SS worker benefits, a goal of this strategy is to generate spousal benefits in the meantime, if possible. 2. Under this strategy, the focus is on generating spousal benefits for Spouse while she is delaying her own worker benefits. To do this, Primary may need to 'claim and suspend' his benefits to make Spouse entitled to a spousal benefit. Spouse can choose to take only spousal benefits when she has reached Full Retirement Age. Primary must also have reached Full Retirement Age to 'claim and suspend' his benefits. The act of applying for worker benefits and immediately suspending them has been coined 'claiming and suspending' but this term is not one used commonly at the Social Security Administration. Spouse would file a 'restricted application' to have only spousal benefits paid. The software is designed to provide the date that this option is first available. When Spouse reaches age 70, the spousal benefit will drop off and she will step up to her higher, delayed worker retirement benefit. 3. It is also important to note that if Primary has 'claimed and suspended' his benefits, he cannot apply for spousal benefits based on Spouse's work record as his 'suspended' benefits are still active and therefore he would only get a spousal benefit in addition to his own, if that benefit was higher than the benefit that is suspended (and Spouse has filed for worker benefits -which is not the case). Pros: 1. Creates highest SS benefit possible for Primary (which also maximizes COLAs since they compound over time). 2. Creates highest SS benefit possible for Spouse(which also maximizes COLAs since they compound over time). 3. Creates highest SS survivor benefit possible for Spouse (which also maximizes COLAs since they compound over time). 4. May become a more tax efficient strategy then taking SS early since SS income is treated more favorably under current federal and state tax law and both earners are maximizing their benefits. 5. Creates an income stream from SS payable to Spouse based on Primary's work record, even when Spouse is delaying her own worker benefit.
Top Strategy #4 70/70 with Primary Spousal Continued Cons: 1. If both Primary and Spouse die prior to their mid to late 70's, they will likely have collected more SS income if they have started their benefits earlier. 2. Primary and Spouse may have less financial flexibility in the event of a financial emergency since they may be spending down their other retirement wealth sources to generate income while they delay Primary's SS. 3. Actuarially speaking, if either spouse die around the average life expectancy or earlier, it may have made more economic sense to start Spouse's benefit earlier since that lower benefit is eliminated at the time of the first death. Additional Notes: 1. When Primary 'claims and suspends' benefits, he should mention the availability of this option to the Social Security Office under the Procedure Operations Manual reference #GN 02409.100 and GN 02409.110 Basically, the rules state that a suspended benefit for the worker does not affect benefits payable to beneficiaries receiving SS income on that same record. 2. When Spouse files for a 'restricted application' for spousal benefits, she should mention the availability of this option to the Social Security Office under the Procedure Operations Manual reference # RS 00202.025 and RS 00202.020 Cash Flow 2018 $ 2,731 $ 27,310 $ 27,310 2019 2,731 32,772 60,082 2020 2,731 32,772 92,854 2021 3,765 33,806 126,660 2022 3,765 45,180 171,840 2023 3,765 45,180 217,020 2024 3,765 45,180 262,200 2025 5,322 49,851 312,051 2026 5,322 63,864 375,915 2027 5,322 63,864 439,779 2028 5,322 63,864 503,643 2029 5,322 63,864 567,507 2030 2,731 43,136 610,643 2031 2,731 32,772 643,415 2032 2,731 32,772 676,187 2033 2,731 32,772 708,959 2034 2,731 32,772 741,731 2035 2,731 32,772 774,503 2036 2,731 32,772 807,275 2037 2,731 32,772 840,047 2038 2,731 32,772 872,819 2039 2,731 13,655 886,474