The 2016 Social Security Change Married Couples Won’t Like
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The Social Security Administration is making a big change that could impact many recipients, specifically married couples.
The option to file and suspend with a spouse will no longer be available to every couple. The benefit will stay in place for those who are currently taking advantage of it, and will still be available for those who make use of the option before May 2016.
Expected to save the Social Security system billions of dollars each year, this new change means time is running out for couples to take advantage of the file-and-suspend method.
Take advantage before it’s gone
Under the Bipartisan Budget Act of 2015, the spousal filing benefit will be eliminated from file-and-suspend starting May 1, 2016. Married couples can take advantage of the method until the end of April 2016 as long as the primary earner is 66 by April 30, 2016, and the spouse who will collect benefits was at least 62 by the end of 2015.
For more information about file-and-suspend and how you can use this strategy before it disappears, read this article or visit the Social Security website.
If you have questions about how your Social Security claim choices may affect your financial outlook, contact me or another Kaufman Rossin accounting professional.
