Amid the partisan feuds and panic of a looming fiscal deadline, Congress passed a budget deal in late 2015, but lawmakers also “snuck in” a few changes to Social Security applications that National Institute of Transition Planning Benefits Director Tammy Flanagan said should not be ignored.
“Some of the strategies that people use when they file for Social Security are not going to change, but some will,” she told Federal Drive with Tom Temin. “It’s no longer where you can kind of turn one benefit on and delay the other one to a later date. You’re going to turn on all of your benefits and you’re going to receive the highest of what you’re entitled to.”
Notably the changes will impact filing a restricted application and the “file and suspend” strategy.
“Those are the two strategies that are going away,” Flanagan said. “The first group are the people who are going to turn 66 on or before May 1 of 2016. If you’re going to turn 66 before May 1 of this year, you can still file and suspend. You can still do that so that your spouse can file on your work record. Also people who turn 62 before 2016, so if you’re already 62, you can still file a restricted application when you reach your full retirement age, even if it’s four years from now. So there are some people who will still be able to take advantage, they’re kind of being grandfathered in to this new provision. If you’re only in your 50s, or haven’t turned 62 by 2016 or the full benefit age for the other group by May 1, then … those strategies won’t be available to you.”
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6 comments:
maybe i should take it as soon as i can, before they change more rules... file and suspend was a stratagy that i was going to use... not now!!!!
Oh, this is only just beginning. The plan is to actually make Social Security harder and harder to procure, even for those of retirement age. The government wants to take that money, but when the bill comes due, they're truculent about paying it back to the person who was forced to have it deducted from their wages all those decades. This Ponzi Scheme is about to come to a screeching halt.
Your "leaders" TOOK that money from us under the threat of jail.
They SPENT that money on their pet projects and now cry tears to "we, the people" that the Social Security Fund is going broke (?!).
It would solvent for decades if they didn't steal THAT money, too.
8:49 is right.
We would be better off if we had allowed Bernie Madoff to handle the money.
Why aren't more Americans angry at what these slimy, thieving, backstabbing, two-faced, pedophilic, alcoholic, cheating, and lying millionaires have done to us???
March on Washington. Escort them and their staffs outside and start hanging them from the lampposts. LEAVE THEM THERE.
Hold new elections and make the new candidates give their speeches right next to the hanging, decaying bodies. There couldn't be a better lesson in the results of lying, cheating, and stealing.
Keep cheering. While you can......
Imclain, you can thank Johnson's Great Society for the introduction to the hands in the honey pot syndrome in government. Before Johnson, Social Security was untouched and not figured into the working budgets in DC.
Anyone taking SS at 62 is a fool.
3:11, why so?
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