Were you looking to “File and Suspend” your Social Security benefits? Hurry up and do it quick! Starting in 2000, Congress’ Senior Citizens Freedom to Work Act allowed for those already involved in Social Security to receive delayed retirement credits. October’s budget legislation in Congress started cutting out various strategies for spousal and dependent benefits – such as “file and suspend” and “restricted application” – that would allow one to still receive retirement credits while still receiving benefits. These limitations will take effect in the next few months, so take action before these take hold!

Congress has made the decision to end the opportunities to use these “loopholes” of the Social Security system. Restricted applications for only spousal benefits will now be deemed as having filed for both spousal and retirement benefits, allowing the applicant to receive the higher amount of benefits. So no more applying for one then switching to another later. These restrictions do not apply to any applicants who were born in 1953 or earlier, grandfathering any applicants in who have already applied for “file and suspend.” #1NorthWealthManagement #InvestmentPlanning #FinancialPlanning #WealthManagement #FinancialAdvisors #InvestmentAdvisor #FinancialConsultant #FinancialAdvisors

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