For those that will turn age 66 on or before April 30th, 2016, there is still an opportunity to take advantage of the “File and Suspend” strategy of Social Security benefits.
Before the new Social Security filing laws were passed late last year, there was no deadline for anyone who would eventually reach age 66. But that has been changed.
So if you will not attain age 66 on or before that date, there is nothing that you can do with this strategy. If you will make the new age cut-off then you should at least look at using this strategy asap.
Now just because this may be available for you to use, does not mean you should do it. That would be based on your own circumstances. I can help you or someone that you care about take a closer look at your filing options.
And by the way, if you do meet that birthday deadline to file and suspend, you must actually DO SO on or before April 29, 2016 or you can never do it.
There is another strategy that is being grandfathered in over the next 4 years. It is called filing a “Restricted Application”. The new law change makes this planning strategy ONLY available to folks who are at least age 62 on or before January 1st, 2016.
If you meet that birthday deadline, there is nothing that you can do until you turn age 66 (or Full Retirement Age to be more specific) – but you are grandfathered in. Unless they change the rules again, you will have that filing option at that point. And like any filing strategy, just because one is allowed to do it may not mean it is the best course to take. It all comes down to ones personal circumstances and goals.
I’ve updated my book to reflect all the new rules and had a “book trailer” made to help promote it. Take a look at the one minute video and let me know what you think?
all the best… Mark
PS — and again as always, please share the link to this page to anyone who you feel may benefit from this information. Thanks so much!