Savvy Senior: A Social Security extra for older parents
If you’re age 62 or older and are still raising young children, there’s a Social Security benefit strategy that can put some extra money in your family coffers.
Here’s how it works. When you file for Social Security retirement benefits, your minor children can get money on your work record equaling half of what you would receive at full retirement age, now gradually rising from 66 to 67. Even if you were to take a smaller benefit by claiming earlier, your kids will still get half of your full-retirement age amount.
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