Social Security is one of the many government programs that will be impacted by the recent Supreme Court same-sex marriage decision. Because of Friday’s historic decision same-sex couples can now use the same benefit boosting strategies as heterosexual couples. “In fact, the ruling could add anywhere from $20,000 to more than $250,000 in lifetime benefits to same-sex couples, says Christopher Jones, chief investment officer at Financial Engines.” Same-sex couples would also be able to use the “file-and-suspend” claiming strategy to boost spousal benefits. Couples should be aware of the benefits that are available for them and they should plan ahead for the future.
See Robert Powell, Same-sex couples to get big Social Security bonus, USA Today, June 26, 2015.
