Chartered Retirement Planning Counselor (CRPC) Practice Exam 2026 - Free CRPC Practice Questions and Study Guide

Filing a restricted application for spousal benefits allows individuals to receive spousal benefits while delaying their own retirement benefits to increase their future payouts. In this scenario, Bill should file a restricted application for spousal benefits because he is the higher income earner. This strategy allows him to take advantage of the spousal benefit while allowing his own benefits to grow until he reaches an age where they maximize his eventual payout.

When he files a restricted application based on Mary's earnings, he essentially chooses to receive benefits based on her work record, which can be beneficial if it allows him to defer claiming his own higher retirement benefits. By waiting to file for his benefits, he can earn delayed retirement credits, which increase his future monthly retirement amount significantly.

The concept hinges on the financial strategy of optimizing Social Security benefits, considering factors like income levels and the timing of filing, which have a critical impact on the total benefits they can receive over their retirement years. Therefore, this approach is particularly useful for higher earners like Bill, as it allows him to leverage the higher benefit amount he will receive later.