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The 2015 Budget Bill, signed into law on November 2nd, will put an end to two popular Social Security claiming strategies associated with the restricted application and file-and-suspend claiming options. While Social Security permits claimants age 62 and over to receive the greater of two amounts: up to 50 percent of their spouse's retirement benefit or their own accrued benefit, loopholes in the law created unintended opportunities that will soon change.HERE’S WHAT YOU NEED TO KNOW…A short window remains open for eligible individuals to take advantage of the two strategies noted below before the new rules go into effect. Social Security recipients who are currently utilizing either strategy will be grandfathered.Restricted Application(This will be eliminated as of January 2016)
File-and-suspend loophole(This will be eliminated effective May 1, 2016)
If you have questions or concerns about navigating the complex Social Security benefit claiming landscape, please contact us at (724) 458-5233.