There’s been a lot of hub around the internet this past week regarding President Obama signing the Bipartisan Budget Act of 2015 that limited two very popular Social Security claiming strategies known as “restricted application” and “file and suspend.
Both the “restricted application” and “file and suspend” strategies have been part of many married couples and divorced individuals retirement plans and many people have used them through-out the years to boost their payouts. So what if you’re approaching retirement and had planned on using one of these strategies? It turns out that some retirees can be grandfathered in and some may have to revisit their retirement strategies for future income planning.
The following compilation of up-to-date social security facts and strategies from around the Web that will help clarify these new rules and help in determining which options, if any, are still open to you so you can make plans accordingly:
If you’re married, there are now 3 sets of rules you need to be aware of when planning for social security.
File and Suspend and Restricted application – who can do it, how it works and what changes.
The File and Suspend rule changes do have certain grandfathering provisions, especially for those nearing age 62 or age 66. It is thus crucial that you understand the state of your Social Security benefits because immediate action could be required.
With the new changes to social security, you’ll need to do some careful retirement planning, quickly. Here’s what you should know to use these retirement strategies while you can.
Claiming Social Security is still a strategic decision as the elimination of these two claiming strategies removes some options for couples, but it doesn’t minimize the importance of deciding when to take Social Security.
Advisers say revisions for clients will need to account for income shortfalls as they rethink retirement plans amid Social Security changes.
The benefits of delaying Social Security may be starting to get through to the public, though there is still a long way to go. So when are People Claiming Social Security ?