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Category: Social Security Planning

Elimination of Social Security Planning Strategies

Posted 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 spouse’s 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 didn't 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 one’s 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 while deferring at least one of the couple’s retirement benefits into the future. Such practice allows married couples to take advantage of the deferral credits that increase Social Security retirement benefits by 8% per year after full retirement age and still get a Social Security benefit check each month. That loophole is rapidly closing. In October 2015, the House of Representatives passed a new budget bill which also contained language that chang

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