Sue ends up getting a total benefit equal to her own reduced retirement benefit plus her unreduced excess spousal benefit.

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For each year they wait past 66, they get 8% more (plus an inflation adjustment), for a maximum benefit at 70 equal to 132% of the full retirement age payout.

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With a GRAT, the owner of a company can transfer stock in the firm into a trust for the benefit of heirs and take back an annuity representing the current value of that stock plus a government-specified interest rate, currently 1%.

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