Changes in Social Security
Posted by Andrew Baillie on November 23, 2015 12:40 PM EST
How the Recent Changes in Social Security Can Affect Your Benefits. See the informative attachment on recent changes signed into law on November 2, 2015.
ACT NOW: Talk to your financial professional today about planning for Social Security and its part in your overall retirement income plan.
UNDER AGE 62: These changes reduce the overall value proposition of Social Security for the younger generation. Those who will be under the age of 62 as of December 31, 2015 will not be able to use "Restricted Application" or "File and Suspend" as Social Security maximization strategies. If you fall into this category, you should realize that Social Security will likely comprise a smaller portion of your income in retirement and you should plan accordingly.
AGE 62 OR OLDER: Those who will reach age 62 prior to 2016 will have "Restricted Application" available to them.
AGE 66 AND OLDER: Those 66 or older, or who turn 66 before April 30, 2016, can leverage the full power of "File and Suspend" and "Restricted Application." However, if you do not take advantage of "File and Suspend" by April 30, 2016, you will forever lose the opportunity.