2016 Social Security Changes

Due to recent law reform, spousal planning options used to maximize Social Security benefits may be diminished for some. Here we will discuss two changes: File and Suspend as well as File and Restrict.

File and Suspend
Below is a video describing the File and Suspend method which will no longer be available to beneficiaries after April 30, 2016.

File and Restrict
In order to apply for restricted benefits under the File and Restrict method, you must have reached age 62 before December 31, 2015. This extends the deemed filing rule to age 70, allowing those who file and restrict to then draw spousal benefits at their Full Retirement Age or later. In short, you may be able to restrict your benefit and draw a spousal benefit if you are “of age”.

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