If you were born before January 2, 1954 you are the LAST cohort to ever be able to file a Restricted Application.

This means you could literally receive tens of thousands of dollars more in Social Security benefits than someone born January 2, 1954 or later.

When President Obama signed the Bipartisan Budget Act of 2015, many “loopholes” of Social Security were eliminated.

Mainly the ability to file a restricted application and receive Spousal benefits all the while allowing your own benefit to increase with Delayed Earnings Credits.

Here’s the language directly from the Social Security Administration: The loophole allowed some married individuals to start receiving spousal benefits at full retirement age, while letting their own retirement benefit grow by delaying it.

Those days are over now..unless you were born before January 2, 1954. You can STILL apply for your Spousal benefits once you hit Full Retirement Age (66) and allow your benefits to increase each and every year until you reach 70.

In this video, I use our fictitious couple, Bob and Jane, to show you EXACTLY how this works,

Folks, if you qualify for this “loophole” you’d be crazy not to consider how you could benefit.

Talk to the Social Security Administration…Now. Or talk to a professional advisor. Or better yet, talk to both!

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For individuals born before 1954, there is a unique opportunity to potentially increase their Social Security benefits by a significant amount. By utilizing a little-known loophole in the Social Security rules, these individuals could potentially receive an additional $100,806.48 in benefits over the course of their retirement.

The loophole in question is known as the “restricted application” strategy, and it allows individuals born before 1954 to claim spousal benefits based on their spouse’s earnings record while letting their own benefit continue to grow until age 70. This can result in a significant increase in benefits over the course of retirement.

To take advantage of this strategy, individuals must be at least full retirement age (currently 66 or 67, depending on birth year) and their spouse must have already filed for their own Social Security benefits. The individual can then file a restricted application for spousal benefits only, allowing their own benefit to continue to grow by 8% per year until age 70.

For example, let’s say a couple both born in 1950 are eligible for a full retirement benefit of $2,000 per month at age 66. If the husband files a restricted application for spousal benefits at age 66 while letting his own benefit continue to grow, he could potentially receive $1,000 per month as a spousal benefit for four years. By the time he reaches age 70, his own benefit could have increased to $2,640 per month, resulting in a total monthly benefit of $3,640.

Over the course of a 20-year retirement, this could result in an additional $100,806.48 in Social Security benefits compared to if the individual had simply filed for their own benefit at full retirement age.

It’s important to note that the restricted application strategy is only available to individuals born before 1954, as changes to the Social Security rules in 2015 closed this loophole for younger individuals. Additionally, this strategy may not be the best option for everyone, as individual circumstances can vary.

To determine if the restricted application strategy is right for you, it’s recommended to consult with a financial advisor or Social Security expert who can help you navigate the complexities of the Social Security system and maximize your benefits in retirement. With the potential to increase your benefits by over $100,000, it’s certainly worth exploring this option if you are eligible.