The Social Security strategy known as “file-and-suspend” was introduced in 2000 in the Senior Citizens Freedom to Work act and allowed suspension of benefit payments in order to accumulate more credits up to the maximum amount at age 70 while at the same allowing a spouse to claim “spousal-only benefits” and leave their own benefit to grow until age 70.

Update 12/27/15: “This strategy is only available for those who will have turned at least 62 by the end of 2015.  Under the new budget this so-called loophole has been closed for those age 61 and younger.”

The decision of when to start taking Social Security benefits is highly personal –and critical. Depending on your benefit, longevity, and age when you claim your benefit there may be tens or even hundreds of thousands of dollars of benefits over your lifetime at stake. Investigate your options by working with a professional – fiduciary – financial advisor or do your own research so you understand what your lifetime benefit will be if you live into your 90’s.