You may be familiar with various techniques used to maximize Social Security benefits. We have been very proactive in educating our clients on these issues and recommending these techniques when appropriate. As part of the Bipartisan Budget Act of 2015 signed in November, two frequently used Social Security claiming strategies known as “file and suspend” and “restricted application” are being discontinued. While this change may not affect you, we are sharing this update with all of our clients in case you may know someone who could be impacted by these changes.
If you have already employed either of these techniques, you will not be affected. Your benefits will remain unchanged. The law grandfathered anyone already having these strategies in place. If you have not yet selected a claiming strategy, under certain circumstances, you have several months to make an election.