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Social Security Claiming Strategies Changed
Charles Lee
March 28, 2016

The Bipartisan Balanced Budget Act of 2015 has introduced substantially changes to Social Security law, specifically in the claiming strategies that used to be popular among retirees, namely “file and suspend” and “restricted application”.

  • For those who were born after 5/1/1950, “file and suspend” strategy is no longer available.
  • Those who were born before 5/1/1950 can still use “file and suspend” strategy, but they have to do it before 4/29/2016.
  • The good news is “restricted application” is still available for those who were born between 5/2/1950 and 1/1/1954. This claiming strategy will phase out in 4 years. Still those who are eligible would have to wait until they reach 66 years old (Full Retirement Age) to apply.

For detail about “file and suspend” and “restricted application” strategies, please see my previous blog, title “Social Security focus points“.

 

DISCLAIMER: Insurance matters discussed are always changing, so accuracy or usefulness of facts may be time-sensitive. Article content is used solely for the purpose of informing readers, and is not intended for any commercial use. Any views or opinions that are expressed in this article are those of the author and do not necessarily reflect the position of any entities involved or mentioned.