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Social Security, Medicare changes are coming with new budget law
Old 11-13-2015, 10:12 AM   #1
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Social Security, Medicare changes are coming with new budget law

Not sure if that was posted - but looks like a lot of changes for retirement planning around SS spousal benefits are coming.

Social Security, Medicare changes are coming with new budget law
File and suspend.
Currently, a married person — typically the higher wage earner in a couple — who's at least full retirement age could file for his or her own Social Security benefits and then immediately suspend those benefits while the spouse could file for spousal benefits. By doing this, the higher wage earner’s benefits would grow 8% per year. In the meantime, the couple still get a Social Security check, and down the road the surviving spouse could get a higher benefit.

That option is ending for new filers starting May 1, 2016, so if you're interested, now's the time to apply. People already using this strategy will be grandfathered in until age 70.
Restricted application. This is also being phased out. Currently, individuals eligible for both a spousal benefit based their spouse's work record and a retirement benefit based on his or her own work record could choose to elect only a spousal benefit at full retirement age, according to Social Security Timing. That would let them collect a higher benefit later on.

Under the new law, however, only those born Jan. 1, 1954, or earlier can use this option. Anyone younger will just automatically get the larger of the two benefits, according to Social Security Timing.

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Old 11-13-2015, 10:46 AM   #2
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Yep - discussed over the last several weeks extensively on this thread:
SS File and Suspend to End?
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