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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I've heard about an increase in my SS benifits if I was

Customer Question

I've heard about an increase in my SS benifits if I was born before 1959. I can't seem to get any straight answers on this. It says that I have until April 30, 2016 to apply.
This had something to do with Presiden Obama's Obamacare or something like it.
It also said I had to quality.
Please help, I could really use the money.
Thank you,
Sandy Umerley ***@******.***
Submitted: 6 months ago.
Category: Finance
Expert:  Stephen G. replied 6 months ago.
Where specifically did you hear that?Basically, the law is changing effective May 1st, 2016, but the main change involves what is called "file & suspend" where for example a working spouse of a higher earning spouse files for Social Security benefits and suspends his or her own benefits and collects a spousal benefit of the higher earning spouse letting his or her benefits grow until age 70 when he or she switches from the spousal benefit to his or her own benefit, thus collecting a substantially higher benefit from age 70 on.So, in summary the higher benefit comes from suspending your benefits, not collecting any benefit on your own earnings record, and letting your benefits grow at approximately 8% a year from age 65 to 70. Of course if you were born after 1959, your full retirement age is 67.So, I don't see how that would affect you.
Customer: replied 6 months ago.
Thank you for answeering, but I think there is more to this then just holding off on collecting a spouse's SS. There were a few specific points the artical mentoned. born before 1959....if I qualify, I could get ove $46000 a month to make up for something??? I had to file papers before April 30th, I think that was the date. It also said that most people were ot aware of this payback. If I see the artical again, I will let you know. Please check one more time for me. Thanks, ***** *****
Expert:  Stephen G. replied 6 months ago.
You could get how much? Surely not the $46,000. a month you indicated above.Look, I'm a retired CPA collecting Social Security, born before 1959 and trust me if there were a way to increase my monthly benefit, I'd be all over it.It's not something that would be kept quiet; there are millions upon millions of retires and future retires that would be affected. Someone born in 1959 would be 56 or 57 today, so unless they were disabled they are at least 5 years away from early retirement at 62.

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