Key Social Security Claiming Strategy Eliminated

The recently signed budget bill included, perhaps, the most significant change in Social Security benefits since 1983. The changes, which ended two major Social Security claiming strategies for married couples, occurred with virtually no public government review or hearings.

Now is the time for Social Security projections and planning to be completed with a qualified advisor. Depending on your age, you may have a window of opportunity. First, those of you who are at least age 66 can continue to “file and suspend” until April 29, 2016. By doing so, your spouse and qualifying family members may be eligible to receive benefits after the law becomes effective. Plus you can continue to receive delayed retirement credits for up to four years. Clearly, if you are 66 or older and intend to do this, you should start the process soon.Second, people who are 62 or older as of the end of this year are grandfathered and will not be subject to the expanded deeming rules.