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Category: Social Security Planning

Elimination of Social Security Planning Strategies

By Lineweaver Financial Group
January 07, 2016 Category: Newsletter, Social Security, Social Security Planning

If you plan on filing for Social Security in 2016 benefits, you need to be aware of these changes. At age 62, if someone is eligible, they are entitled to retirement benefits under Social Security, albeit a reduced benefit. Additionally, if they are married, they might be entitled to a spousal benefit based on their spouses retirement benefit. If a person files for benefits from age 62 until full retirement age, it will be considered a deemed filing. You were automatically deemed to have filed both for your retirement benefit and for a spousal benefit even if you didnt want to, at which point you must collect both the spousal and retirement benefits with Social Security paying only the larger of the two benefits. This deemed filing rule stopped immediately at ones full retirement age, creating a loophole which allowed couples to utilize a strategy called file and suspend. File and suspend is a strategy used by married couples to simultaneously generate a benefit check from Social Security

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