[Villager Dude]

Major Changes coming to Social Security

With the new 2 year budget that has just been signed into law the following changes are taking place. Most of them effective on April 29, 2016

Please contact your Financial Advisor for details


Those who are already receiving benefits are not impacted at all.

No longer can you file and suspend and allow a spouse to receive a spousal benefit.

The new rule states you must be receiving benefits for spouse to receive the 50% spousal benefit.

The spouse has a one time chance at the Spousal Benefit or SS Benefit of her own record. The new rule does not allow you to chance back and forth. Once you select you are stuck unless primary spouse passes then you can take the higher amount.

The rule where you could file and suspend and then change your mind between 66 and 70 and collect retroactive payments is gone also.

Again please contact your financial advisor to determine how these changes may affect you. I release there are many here at TV that this will not affect but there are many others that may benefit if they make changes prior to 4/29/16.

Cheers !