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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11365
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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How the social security law H.R. 1314 will affect my benefit

Customer Question

How the social security law H.R. 1314 will affect my benefit and how shall I act
before May 1st 2016 the year of mt birth is 1938.
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi - I can help here

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The changes to the law here, only affect those that were looking to START their benefits, and use the file and suspend strategy or the restricted application strategy (*or both) to maximize their benefits.

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But this only applies to those what had not yet started taking their benefits

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The law before the change allowed someone, upon reaching full retirement age, to file for Social Security retirement benefits, and then immediately suspend them.

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The fact that benefits had been filed for meant a spouse became eligible for spousal benefits (as spousal benefits cannot be claimed until the primary worker also files for benefits).

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However, the fact that benefits of the primary worker were subsequently suspended – and therefore were not actually received – meant that the original filer could still earn delayed retirement credit increases of 8%/year for suspending his own benefits (once filed so that the spouse could take spousal benefits against the workers work record).

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So the answer to your question, if you are already receiving benefits may be that you don't need to take any action at all

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If you have already used one of the strategies, you have been "grandfathered" in because of your age... this primarily applies to new filers

Expert:  Lane replied 1 year ago.

See this overview of how this can still be applied by those reaching certain ages before the due date (ages you have already reached)

Expert:  Lane replied 1 year ago.

SO, again, for someone already AT or past age 70, to suspend the benefit would do no good. Suspending only increases the future benefits to be paid by suspending at a time that's BETWEEN full retirement age and age 70. Once you hit 70 you're getting as much as possible based on any suspension you may have done PRIOR to age 70

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I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That's the only way I'll be credited for the work here.

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Thank you!

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

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