The recent Bipartisan Budget Act of 2015 introduced substantial changes to Social Security that limit the claiming strategies that can be used. Prior to these changes, those employing the strategies could have received more retirement income.
However, you may be eligible for a “grandfathering” and some of the perceived loopholes in the rules being closed may still apply to you. If your birthdate is April 30, 1950 or earlier (you will reach age 66 on or before April 30, 2016) and you are not over age 69, you can still “file & suspend” and your dependents (spousal or children) can receive benefits based on your record while your own benefit accrues the delay credits (your benefit amount increases). To exercise this option to file and suspend benefits (or to suspend if you’ve already filed) under the old rules, you must do so within the grace period which ends on April 30, 2016.
Social Security continues to be the largest contributor to most retirees’ income. It can add up to over one million dollars for many families so it’s critical that you maximize your Social Security with a smart claiming strategy. With our experience and comprehensive understanding of the rules and software tools, we can help you determine your best strategy. Call us today for an initial, complimentary consultation.