Social Security is changing forever!
Social Security is changing forever.
You may have seen in the news that the 2016 Federal budget bill was passed by Congress last week and signed by the President (The “Bi-Partisan Budget Act of 2015”). Quietly embedded in this major legislation were provisions concerning Social Security that now have become law.
Yes! They were slipped in during a back room budget compromise with no advance warning!
We’re still trying to untangle all the details, but here are the major points as we know them.
- “File and Suspend” strategy eliminated – Effective in six months and applies to new file-and-suspend claims.
- “Restricted” filing eliminated
BOTTOM LINE – If you’re in one of the below categories call me so we can determine the effects on your future Social Security.
- If you’re already 66 or will turn 66 by May 1, 2016 and haven’t filed, it appears that you have time to still use the old rules.
- If you were 62 by year-end of 2015.
The next six months – and in some cases, the next four years – will be crucial for exercising Social Security claiming strategies for those born in 1953 or earlier. But for the rest of us, it’s tough luck!
To Your Best 2nd Half,
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.