Social Security claiming strategies are about to get a little more complicated with the passage of the Bipartisan Budget Act of 2015. The Act closed a few loopholes that have created popular claiming strategies for couples: the “file and suspend” strategy and the “restricted application for a spousal benefit.” You may still be able to take advantage of these strategies, depending on your age. Changes to your Social Security filings must be completed by April 30, 2016.
Click here to read “Five Questions and Answers about New Social Security Claiming Rules” to understand how the changes may affect you. If you’re nearing retirement age, consult with your advisor or tax professional to determine the best strategy for your personal situation. And if you haven’t set up an online account to track your earnings and receive a Social Security estimate, go to https://www.ssa.gov/myaccount/ to set up an account.
To find out more about Arnerich Massena’s wealth planning services, contact me at firstname.lastname@example.org or 503-239-0475.