Get in While the Gettin’s Good (File and Suspend Social Security)

Unfortunately, last November legislation went through closing two nice little loopholes in Social Security Claiming: File and Suspend, and claiming Restricted Spousal Benefits.

If you already know what those are, then all you need to know is: You can still elect to file and suspend until April 30, 2016!

For the uninitiated, file and suspend basically means that a person can claim their benefits, but suspend actually taking them. Since they claimed, their spouse can collect spousal benefits and the original person can wait until a later date to get more benefits.

This was often used along with the Restricted Spousal Benefit tactic. This strategy means the spouse just takes the spousal benefits while their own benefits grow. Anyone who was 62 or older by the end of 2015 can still claim this way.

Basically the spouse gets spousal benefits while both parties wait to allow their individual benefits to step up.

Your head spinning yet? Don’t worry because this only matters for another 2 months.

"I believe there is something out there watching us. Unfortunately, it's the government.”

 - Woody Allen

Bottom line is the government is being a party pooper, and If you have any questions about whether you, or someone you know needs to jump on doing this please give us a call soon!

All the best,

Wesley R. Nicholson, Mike Allen and Aaron Everdyke

 

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